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North Egypt News

Monday, November 25, 2024

Former state university employee Duclos paid in $16K to pension fund, could collect $734K in retirement

Money836

Former state university employee Robert Duclos, who retired in October 2018, saved $16,341 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Duclos would collect as much as $734,183, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Duclos received $15,432 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Duclos will have already received $31,327 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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