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Carbondale Reporter

Friday, April 19, 2024

Former state university employee Janello paid in $46K to pension fund, could collect $972K in retirement

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Former state university employee Mary Janello, who retired in April 2017, saved $45,541 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Janello would collect as much as $971,908, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Janello received $20,428 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Janello will have already received $63,141 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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