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Sangamon Sun

Friday, April 26, 2024

Former state university employee Depalma paid in $141K to pension fund, could collect $2.55M in retirement

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Former state university employee Thomas Depalma, who retired in August 2016, saved $141,209 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Depalma would collect as much as $2.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Depalma received $53,572 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Depalma will have already received $165,585 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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