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East Central Reporter

Friday, April 19, 2024

Former state university employee Guyette paid in $76K to pension fund, could collect $1.57M in retirement

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Former state university employee Phyllis Guyette, who retired in July 2017, saved $76,094 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Guyette would collect as much as $1.57 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Guyette received $32,945 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Guyette will have already received $101,829 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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