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East Central Reporter

Thursday, November 7, 2024

Former state university employee Westendorf paid in $41K to pension fund, could collect $858K in retirement

Money 02

Former state university employee Christine Westendorf, who retired in April 2018, saved $41,040 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Westendorf would collect as much as $857,602, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Westendorf received $18,026 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Westendorf will have already received $55,717 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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