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Chicago City Wire

Thursday, April 25, 2024

Former state university employee Rhodes paid in $46K to pension fund, could collect $1.72M in retirement

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Former state university employee Jean Rhodes, who retired in December 2017, saved $46,423 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rhodes would collect as much as $1.72 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rhodes received $36,156 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rhodes will have already received $73,397 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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