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Dupage Policy Journal

Monday, November 25, 2024

Former state university employee Septeowski paid in $17K to pension fund, could collect $383K in retirement

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Former state university employee Dale Septeowski, who retired in January 2017, saved $16,715 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Septeowski would collect as much as $383,025, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Septeowski received $8,050 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Septeowski will have already received $24,883 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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