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Former state university employee Marrero paid in $23K to pension fund, could collect $856K in retirement

Schools

By Local Labs News Service | Nov 1, 2017

Money 01

Former state university employee Sylvia Marrero, who retired in October 2017, saved $23,246 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Marrero would collect as much as $856,357, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Marrero received $18,000 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Marrero will have already received $36,540 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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