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Sangamon Sun

Monday, November 25, 2024

Former state university employee Melito paid in $37K to pension fund, could collect $762K in retirement

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Former state university employee John Melito, who retired in January 2017, saved $37,456 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Melito would collect as much as $761,690, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Melito received $16,010 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Melito will have already received $49,485 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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