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Chicago City Wire

Monday, November 25, 2024

Former state university employee Marcus paid in $972 to pension fund, could collect $63K in retirement

Money836

Former state university employee Susan Marcus, who retired in February 2017, saved $972 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Marcus would collect as much as $63,450, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Marcus received $1,333 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Marcus will have already received $1,333 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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