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Chicago City Wire

Wednesday, December 25, 2024

Former state university employee Clarke paid in $9K to pension fund, could collect $897K in retirement

Money836

Former state university employee Clifton Clarke, who retired in November 2016, saved $9,292 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clarke would collect as much as $897,262, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Clarke received $18,859 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Clarke will have already received $18,859 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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