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Chicago City Wire

Monday, December 23, 2024

Former state university employee Silverman paid in $75K to pension fund, could collect $1.63M in retirement

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Former state university employee Stephen Silverman, who retired in November 2016, saved $74,581 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Silverman would collect as much as $1.63 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Silverman received $34,230 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Silverman will have already received $105,802 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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