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Chambana Sun

Monday, November 25, 2024

Former state university employee Vanetta paid in $75K to pension fund, could collect $1.46M in retirement

Money 07

Former state university employee Pamela Vanetta, who retired in October 2018, saved $74,756 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vanetta would collect as much as $1.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Vanetta received $30,660 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Vanetta will have already received $94,767 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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