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Chicago City Wire

Saturday, April 20, 2024

Former state university employee Cullen paid in $128K to pension fund, could collect $2.67M in retirement

Money 04

Former state university employee Christopher Cullen, who retired in January 2016, saved $128,368 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cullen would collect as much as $2.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cullen received $56,139 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cullen will have already received $173,520 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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