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Chambana Sun

Sunday, November 24, 2024

Former state university employee Westle paid in $65K to pension fund, could collect $1.21M in retirement

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Former state university employee Charlotte Westle, who retired in May 2016, saved $64,571 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Westle would collect as much as $1.21 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Westle received $25,431 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Westle will have already received $78,605 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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