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Chicago City Wire

Monday, December 23, 2024

Former state university employee Belknap paid in $72K to pension fund, could collect $2.23M in retirement

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Former state university employee Steven Belknap, who retired in November 2016, saved $71,619 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Belknap would collect as much as $2.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Belknap received $46,812 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Belknap will have already received $95,028 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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