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Chicago City Wire

Monday, December 23, 2024

Former state university employee Campbell paid in $27K to pension fund, could collect $1.25M in retirement

Money272

Former state university employee Jane Campbell, who retired in August 2016, saved $27,429 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Campbell would collect as much as $1.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Campbell received $26,207 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Campbell will have already received $53,200 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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