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Chicago City Wire

Thursday, April 18, 2024

Former state university employee Kelly paid in $78K to pension fund, could collect $1.95M in retirement

Money 01

Former state university employee Marguerite Kelly, who retired in July 2018, saved $78,117 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kelly would collect as much as $1.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kelly received $40,921 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kelly will have already received $83,070 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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