Former state university employee Bates paid in $38K to pension fund, could collect $916K in retirement

By Local Labs News Service

Dec 1, 2018

Former state university employee Venetia Bates, who retired in November 2018, saved $37,843 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bates would collect as much as $916,302, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bates received $19,260 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bates will have already received $39,098 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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