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Kane County Reporter

Thursday, April 25, 2024

Former state university employee Arnold paid in $25K to pension fund, could collect $320K in retirement

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Former state university employee Melody Arnold, who retired in April 2017, saved $25,425 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Arnold would collect as much as $320,123, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Arnold received $6,728 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Arnold will have already received $28,148 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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