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Chicago City Wire

Friday, April 19, 2024

Former state university employee Gleeson paid in $209K to pension fund, could collect $5.01M in retirement

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Former state university employee James Gleeson, who retired in July 2017, saved $208,523 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gleeson would collect as much as $5.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gleeson received $105,213 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gleeson will have already received $213,582 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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