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Chicago City Wire

Tuesday, November 26, 2024

Former state university employee Gammon paid in $103K to pension fund, could collect $1.87M in retirement

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Former state university employee Carolyn Gammon, who retired in September 2016, saved $102,633 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gammon would collect as much as $1.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gammon received $39,405 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gammon will have already received $121,797 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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