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Chicago City Wire

Friday, April 26, 2024

Former state university employee Motisi paid in $8K to pension fund, could collect $131K in retirement

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Former state university employee Paul Motisi, who retired in January 2016, saved $8,315 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Motisi would collect as much as $131,222, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Motisi received $2,758 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Motisi will have already received $8,525 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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