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DeKalb Times

Sunday, November 17, 2024

Former state university employee Engelman paid in $21K to pension fund, could collect $323K in retirement

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Former state university employee Michael Engelman, who retired in June 2018, saved $21,358 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Engelman would collect as much as $322,989, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Engelman received $6,789 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Engelman will have already received $28,404 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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