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Chicago City Wire

Friday, April 19, 2024

Former state university employee Micho paid in $2K to pension fund, could collect $44K in retirement

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Former state university employee Joseph Micho, who retired in April 2018, saved $1,781 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Micho would collect as much as $44,205, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Micho received $929 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Micho will have already received $1,886 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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