Chicago City Wire

Chicago City Wire

Tuesday, February 25, 2020

Former state university employee Poindexter paid in $67K to pension fund, could collect $1.5M in retirement

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By Local Labs News Service | Feb 1, 2018

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Former state university employee Beverly Poindexter, who retired in January 2018, saved $66,697 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Poindexter would collect as much as $1.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Poindexter received $31,454 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Poindexter will have already received $97,222 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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