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Chicago City Wire

Friday, July 11, 2025

Former state university employee Smith paid in $124K to pension fund, could collect $3.02M in retirement

Money041

Former state university employee Stephen Smith, who retired in May 2018, saved $123,699 toward a pension over 36 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $3.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Smith received $63,427 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Smith will have already received $128,757 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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