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Kane County Reporter

Tuesday, November 26, 2024

Former state university employee Lopez paid in $79K to pension fund, could collect $1.77M in retirement

Money 02

Former state university employee Celia Lopez, who retired in July 2016, saved $79,356 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lopez would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Lopez received $37,285 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lopez will have already received $115,245 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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