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Chicago City Wire

Monday, November 25, 2024

Former state university employee Coleman paid in $4K to pension fund, could collect $68K in retirement

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Former state university employee Geraldine Coleman, who retired in February 2017, saved $3,756 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Coleman would collect as much as $68,040, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Coleman received $1,430 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Coleman will have already received $4,420 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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