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Kane County Reporter

Tuesday, November 26, 2024

Former state university employee Pacheco paid in $451 to pension fund, could collect $35K in retirement

Money 05

Former state university employee Maria Pacheco, who retired in July 2016, saved $451 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pacheco would collect as much as $35,156, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Pacheco received $738 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Pacheco will have already received $738 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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