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Chambana Sun

Friday, November 29, 2024

Former state university employee Glaub paid in $18K to pension fund, could collect $233K in retirement

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Former state university employee Barbara Glaub, who retired in March 2016, saved $18,277 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Glaub would collect as much as $232,638, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Glaub received $4,889 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Glaub will have already received $20,455 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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