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North Cook News

Friday, November 22, 2024

Former state university employee Voorhees paid in $19K to pension fund, could collect $326K in retirement

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Former state university employee Maria Voorhees, who retired in January 2016, saved $19,495 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Voorhees would collect as much as $325,632, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Voorhees received $6,844 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Voorhees will have already received $21,153 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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