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North Cook News

Thursday, April 25, 2024

Former state university employee Di Cola paid in $116K to pension fund, could collect $2.49M in retirement

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Former state university employee Carol Di Cola, who retired in March 2019, saved $116,039 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Di Cola would collect as much as $2.49 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Di Cola received $52,308 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Di Cola will have already received $161,678 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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