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Chicago City Wire

Friday, April 26, 2024

Former state university employee Graham paid in $51K to pension fund, could collect $1.27M in retirement

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Former state university employee Kevin Graham, who retired in May 2016, saved $51,389 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Graham would collect as much as $1.27 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Graham received $26,714 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Graham will have already received $54,229 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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