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Chicago City Wire

Sunday, June 1, 2025

Former state university employee Washington paid in $243K to pension fund, could collect $4.56M in retirement

Money836

Former state university employee Barbara Washington, who retired in August 2018, saved $242,627 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Washington would collect as much as $4.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Washington received $95,835 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Washington will have already received $296,216 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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