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Rock Island Today

Friday, April 19, 2024

Former state university employee Dixon paid in $61K to pension fund, could collect $1.27M in retirement

Money 04

Former state university employee Stephanie Dixon, who retired in July 2016, saved $60,528 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Dixon would collect as much as $1.27 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Dixon received $26,597 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dixon will have already received $82,209 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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