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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Pitek paid in $88K to pension fund, could collect $1.86M in retirement

Money 06

Former state university employee Jennifer Pitek, who retired in July 2018, saved $87,614 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pitek would collect as much as $1.86 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Pitek received $39,038 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pitek will have already received $120,662 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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