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DeKalb Times

Monday, November 25, 2024

Former state university employee Gaines paid in $17K to pension fund, could collect $255K in retirement

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Former state university employee Cora Gaines, who retired in May 2017, saved $16,545 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gaines would collect as much as $255,126, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Gaines received $5,362 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gaines will have already received $16,574 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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