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Kane County Reporter

Friday, April 26, 2024

Former state university employee Zahn paid in $66K to pension fund, could collect $2.49M in retirement

Money 06

Former state university employee Steven Zahn, who retired in January 2016, saved $66,336 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Zahn would collect as much as $2.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Zahn received $52,353 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Zahn will have already received $106,277 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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