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South Central Reporter

Saturday, November 23, 2024

Former state university employee Weiss paid in $2K to pension fund, could collect $177K in retirement

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Former state university employee Debra Weiss, who retired in June 2016, saved $1,580 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Weiss would collect as much as $177,248, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Weiss received $3,725 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Weiss will have already received $3,725 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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