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DeKalb Times

Sunday, November 24, 2024

Former state university employee Phillips paid in $100K to pension fund, could collect $1.72M in retirement

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Former state university employee Alan Phillips, who retired in March 2017, saved $100,198 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Phillips would collect as much as $1.72 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Phillips received $36,122 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Phillips will have already received $111,650 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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