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North Cook News

Friday, November 22, 2024

Former state university employee Dean paid in $6K to pension fund, could collect $120K in retirement

Money 07

Former state university employee Ed Dean, who retired in January 2016, saved $6,330 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dean would collect as much as $120,323, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Dean received $2,529 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dean will have already received $7,817 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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