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Carbondale Reporter

Sunday, April 28, 2024

Former state university employee Collette paid in $19K to pension fund, could collect $862K in retirement

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Former state university employee Larry Collette, who retired in November 2016, saved $19,252 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Collette would collect as much as $862,009, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Collette received $18,118 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Collette will have already received $36,780 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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