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South Cook News

Monday, May 20, 2024

Former state university employee Weber paid in $136K to pension fund, could collect $2.41M in retirement

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Former state university employee Carol Weber, who retired in June 2018, saved $136,022 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Weber would collect as much as $2.41 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Weber received $50,609 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Weber will have already received $156,427 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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