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East Central Reporter

Tuesday, November 26, 2024

Former state university employee Weber paid in $3K to pension fund, could collect $58K in retirement

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Former state university employee Kathleen Weber, who retired in October 2016, saved $2,736 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Weber would collect as much as $58,238, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Weber received $1,224 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weber will have already received $3,784 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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