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DeKalb Times

Saturday, November 16, 2024

Former state university employee Conlon paid in $72K to pension fund, could collect $1.1M in retirement

Money 01

Former state university employee Edward Conlon, who retired in July 2018, saved $72,072 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Conlon would collect as much as $1.1 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Conlon received $23,205 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Conlon will have already received $97,081 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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