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Chicago City Wire

Monday, December 23, 2024

Former state university employee Szlyk paid in $27K to pension fund, could collect $624K in retirement

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Former state university employee Janet Szlyk, who retired in November 2016, saved $26,653 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Szlyk would collect as much as $624,238, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Szlyk received $13,121 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Szlyk will have already received $40,556 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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