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Lake County Gazette

Sunday, June 29, 2025

Former state university employee Cole paid in $494 to pension fund, could collect $68K in retirement

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Former state university employee Janet Cole, who retired in January 2018, saved $494 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cole would collect as much as $67,635, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Cole received $1,421 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Cole will have already received $1,421 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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