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Chicago City Wire

Monday, November 25, 2024

Former state university employee Pan paid in $13K to pension fund, could collect $677K in retirement

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Former state university employee Daan Pan, who retired in February 2017, saved $13,195 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pan would collect as much as $677,264, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Pan received $14,235 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Pan will have already received $14,235 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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