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Chicago City Wire

Friday, April 26, 2024

Former state university employee Morris paid in $17K to pension fund, could collect $725K in retirement

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Former state university employee Robert Morris, who retired in February 2019, saved $16,866 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Morris would collect as much as $725,049, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Morris received $15,240 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Morris will have already received $30,937 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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