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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Clemmons paid in $10K to pension fund, could collect $684K in retirement

Money 07

Former state university employee Rebecca Clemmons, who retired in December 2016, saved $9,621 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clemmons would collect as much as $683,732, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Clemmons received $14,371 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Clemmons will have already received $14,371 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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