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Chicago City Wire

Saturday, September 28, 2024

Former state university employee Ebert paid in $49K to pension fund, could collect $2.5M in retirement

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Former state university employee David Ebert, who retired in October 2016, saved $49,361 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ebert would collect as much as $2.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ebert received $52,588 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Ebert will have already received $52,588 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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