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West Cook News

Friday, November 22, 2024

Former state university employee Farbisz paid in $6K to pension fund, could collect $205K in retirement

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Former state university employee Denny Farbisz, who retired in April 2016, saved $6,073 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Farbisz would collect as much as $205,434, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Farbisz received $4,318 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Farbisz will have already received $8,766 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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