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Chicago City Wire

Monday, November 18, 2019

Former state university employee Ofcky paid in $8K to pension fund, could collect $793K in retirement


By Local Labs News Service | Aug 1, 2017

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Former state university employee Deborah Ofcky, who retired in July 2017, saved $8,439 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ofcky would collect as much as $793,289, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ofcky received $16,674 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Ofcky will have already received $16,674 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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