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Sangamon Sun

Thursday, November 7, 2024

Former state university employee Capalbo paid in $70K to pension fund, could collect $983K in retirement

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Former state university employee Anthony Capalbo, who retired in March 2019, saved $69,706 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Capalbo would collect as much as $983,098, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Capalbo received $20,664 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Capalbo will have already received $86,452 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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