Chicago City Wire

Chicago City Wire

Thursday, February 27, 2020

Former state university employee Pettus paid in $70K to pension fund, could collect $1.05M in retirement


By Local Labs News Service | Feb 1, 2019

Money 06

Former state university employee Exodus Pettus, who retired in January 2019, saved $69,961 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pettus would collect as much as $1.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Pettus received $22,008 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Pettus will have already received $92,072 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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