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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Vogel paid in $53K to pension fund, could collect $2.46M in retirement

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Former state university employee Stephen Vogel, who retired in December 2016, saved $53,438 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vogel would collect as much as $2.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Vogel received $51,793 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Vogel will have already received $105,140 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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