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DeKalb Times

Sunday, November 24, 2024

Former state university employee Clark paid in $4K to pension fund, could collect $386K in retirement

Money 01

Former state university employee Melodie Clark, who retired in July 2017, saved $3,814 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clark would collect as much as $385,749, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Clark received $8,108 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Clark will have already received $8,108 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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