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Chambana Sun

Monday, November 25, 2024

Former state university employee Novikova paid in $34K to pension fund, could collect $474K in retirement

Money 08

Former state university employee Natalia Novikova, who retired in June 2017, saved $34,049 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Novikova would collect as much as $473,788, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Novikova received $9,958 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Novikova will have already received $41,662 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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