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South Cook News

Tuesday, April 23, 2024

Former state university employee Stabile paid in $75K to pension fund, could collect $2.37M in retirement

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Former state university employee Denise Stabile, who retired in January 2018, saved $75,116 toward a pension over 35 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stabile would collect as much as $2.37 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Stabile received $49,920 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Stabile will have already received $101,338 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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