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Chicago City Wire

Friday, November 22, 2024

Former state university employee Harrison paid in $80K to pension fund, could collect $1.52M in retirement

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Former state university employee Christopher Harrison, who retired in April 2019, saved $79,630 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Harrison would collect as much as $1.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Harrison received $31,968 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harrison will have already received $98,810 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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