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Chicago City Wire

Thursday, April 18, 2024

Former state university employee Kaewkaen paid in $150K to pension fund, could collect $2.9M in retirement

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Former state university employee Nonglak Kaewkaen, who retired in May 2017, saved $149,830 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kaewkaen would collect as much as $2.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kaewkaen received $60,870 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kaewkaen will have already received $188,143 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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