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Chicago City Wire

Friday, May 3, 2024

Former state university employee Graham paid in $152K to pension fund, could collect $3.85M in retirement

Money 01

Former state university employee Philip Graham, who retired in January 2016, saved $152,416 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Graham would collect as much as $3.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Graham received $80,926 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Graham will have already received $164,280 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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