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North Egypt News

Friday, November 22, 2024

Former state university employee Melena paid in $102K to pension fund, could collect $2.25M in retirement

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Former state university employee Therese Melena, who retired in January 2018, saved $102,236 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Melena would collect as much as $2.25 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Melena received $47,302 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Melena will have already received $146,206 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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