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Chicago City Wire

Saturday, April 20, 2024

Former state university employee Berry paid in $160K to pension fund, could collect $2.47M in retirement

Money759

Former state university employee David Berry, who retired in May 2017, saved $160,227 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Berry would collect as much as $2.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Berry received $51,955 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Berry will have already received $160,588 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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