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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Griffin paid in $100K to pension fund, could collect $1.64M in retirement

Money 06

Former state university employee Peter Griffin, who retired in December 2016, saved $100,146 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Griffin would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Griffin received $34,438 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Griffin will have already received $106,444 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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