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Chicago City Wire

Tuesday, November 26, 2024

Former state university employee Bass paid in $51K to pension fund, could collect $1.14M in retirement

Money 03

Former state university employee Lenore Bass, who retired in September 2016, saved $51,276 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bass would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bass received $23,967 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bass will have already received $74,080 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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