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Chicago City Wire

Saturday, May 18, 2024

Former state university employee Riley paid in $74K to pension fund, could collect $1.75M in retirement

Money041

Former state university employee Cassandra Riley, who retired in January 2016, saved $74,481 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Riley would collect as much as $1.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Riley received $36,790 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Riley will have already received $74,684 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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