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West Cook News

Tuesday, November 26, 2024

Former state university employee Palermo paid in $15K to pension fund, could collect $355K in retirement

Money 05

Former state university employee Eileen Palermo, who retired in January 2018, saved $14,856 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Palermo would collect as much as $354,731, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Palermo received $7,456 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Palermo will have already received $15,136 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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