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South Cook News

Wednesday, April 24, 2024

Former state university employee Douglas paid in $35K to pension fund, could collect $1.16M in retirement

Money272

Former state university employee Mona Douglas, who retired in August 2017, saved $35,093 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Douglas would collect as much as $1.16 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Douglas received $24,404 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Douglas will have already received $49,540 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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