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Chicago City Wire

Monday, December 23, 2024

Former state university employee Edelman paid in $476K to pension fund, could collect $11.41M in retirement

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Former state university employee Guy Edelman, who retired in August 2016, saved $475,884 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Edelman would collect as much as $11.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Edelman received $239,778 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Edelman will have already received $486,749 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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