Chicago City Wire

Chicago City Wire

Tuesday, March 31, 2020

Former state university employee Sapia paid in $159 to pension fund, could collect $29K in retirement


By Local Labs News Service | Oct 1, 2018

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Former state university employee Bennett Sapia, who retired in September 2018, saved $159 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sapia would collect as much as $28,545, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sapia received $600 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Sapia will have already received $600 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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