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DeKalb Times

Saturday, November 23, 2024

Former state university employee Giacchetti paid in $24K to pension fund, could collect $336K in retirement

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Former state university employee Carolyn Giacchetti, who retired in November 2016, saved $23,832 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Giacchetti would collect as much as $336,251, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Giacchetti received $7,067 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Giacchetti will have already received $29,565 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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