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Will County Gazette

Saturday, November 30, 2024

Former state university employee Savas paid in $65K to pension fund, could collect $1.18M in retirement

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Former state university employee Theodora Savas, who retired in August 2017, saved $65,161 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Savas would collect as much as $1.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Savas received $24,746 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Savas will have already received $76,487 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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