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North Egypt News

Thursday, November 7, 2024

Former state university employee Elimon paid in $27K to pension fund, could collect $303K in retirement

Money 04

Former state university employee Deborah Elimon, who retired in September 2017, saved $27,281 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Elimon would collect as much as $303,219, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Elimon received $6,373 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Elimon will have already received $33,835 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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