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Chicago City Wire

Friday, April 26, 2024

Former state university employee Childress paid in $96K to pension fund, could collect $2.62M in retirement

Money 02

Former state university employee Marie Childress, who retired in January 2017, saved $96,380 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Childress would collect as much as $2.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Childress received $55,127 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Childress will have already received $111,908 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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