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Quincy Reporter

Monday, November 25, 2024

Former state university employee Dewitt paid in $96K to pension fund, could collect $1.67M in retirement

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Former state university employee Sharon Dewitt, who retired in September 2018, saved $96,462 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dewitt would collect as much as $1.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Dewitt received $35,184 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dewitt will have already received $108,751 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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