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Former state university employee Kenevan paid in $12K to pension fund, could collect $119K in retirement

Schools

By Local Labs News Service | Mar 1, 2017

Money 05

Former state university employee Charlotte Kenevan, who retired in February 2017, saved $11,761 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kenevan would collect as much as $119,319, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kenevan received $2,508 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Kenevan will have already received $13,313 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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