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Chicago City Wire

Thursday, April 25, 2024

Former state university employee Survillion paid in $40K to pension fund, could collect $830K in retirement

Money 03

Former state university employee Allen Survillion, who retired in June 2017, saved $39,684 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Survillion would collect as much as $829,679, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Survillion received $17,439 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Survillion will have already received $53,902 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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