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Metro East Sun

Saturday, April 20, 2024

Former state university employee Donahue paid in $66K to pension fund, could collect $1.15M in retirement

Money 03

Former state university employee Pamela Donahue, who retired in January 2019, saved $65,588 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Donahue would collect as much as $1.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Donahue received $24,192 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Donahue will have already received $74,776 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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