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Chicago City Wire

Friday, May 3, 2024

Former state university employee Martinkus paid in $88K to pension fund, could collect $1.83M in retirement

Money 03

Former state university employee Nancy Martinkus, who retired in January 2016, saved $87,881 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martinkus would collect as much as $1.83 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Martinkus received $38,479 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martinkus will have already received $118,934 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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