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Dupage Policy Journal

Saturday, April 20, 2024

Former state university employee Calimee paid in $28K to pension fund, could collect $486K in retirement

Money272

Former state university employee John Calimee, who retired in July 2017, saved $27,518 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Calimee would collect as much as $485,937, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Calimee received $10,214 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Calimee will have already received $31,570 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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