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DeKalb Times

Monday, November 25, 2024

Former state university employee Shannon paid in $16K to pension fund, could collect $242K in retirement

Money 03

Former state university employee Gina Shannon, who retired in January 2017, saved $16,254 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Shannon would collect as much as $242,246, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Shannon received $5,091 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Shannon will have already received $21,299 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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