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Chicago City Wire

Tuesday, November 26, 2024

Former state university employee Sullivan Bolyai paid in $27K to pension fund, could collect $2.37M in retirement

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Former state university employee John Sullivan Bolyai, who retired in February 2017, saved $27,318 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sullivan Bolyai would collect as much as $2.37 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sullivan Bolyai received $49,813 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Sullivan Bolyai will have already received $49,813 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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