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Chicago City Wire

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Former state university employee Gaines paid in $24K to pension fund, could collect $546K in retirement

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By Local Labs News Service | Feb 1, 2016

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Former state university employee Marcus Gaines, who retired in January 2016, saved $24,025 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gaines would collect as much as $546,247, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gaines received $11,481 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gaines will have already received $35,486 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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