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Chambana Sun

Saturday, November 23, 2024

Former state university employee Devaney paid in $72K to pension fund, could collect $1.55M in retirement

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Former state university employee Carole Devaney, who retired in May 2016, saved $71,805 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Devaney would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Devaney received $32,608 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Devaney will have already received $100,788 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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