Chicago City Wire

Chicago City Wire

Thursday, April 2, 2020

Former state university employee Zeff paid in $26K to pension fund, could collect $645K in retirement


By Local Labs News Service | Mar 1, 2019

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Former state university employee Eleanor Zeff, who retired in February 2019, saved $25,617 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Zeff would collect as much as $644,551, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Zeff received $13,548 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Zeff will have already received $27,502 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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