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Chicago City Wire

Friday, April 26, 2024

Former state university employee Cabanilla paid in $167K to pension fund, could collect $3.09M in retirement

Money 03

Former state university employee Edith Cabanilla, who retired in May 2016, saved $166,709 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cabanilla would collect as much as $3.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cabanilla received $64,863 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cabanilla will have already received $200,485 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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