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Chicago City Wire

Friday, April 19, 2024

Former state university employee Mechling paid in $137K to pension fund, could collect $2.87M in retirement

Money 03

Former state university employee Stephen Mechling, who retired in January 2016, saved $137,005 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mechling would collect as much as $2.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mechling received $60,379 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mechling will have already received $186,625 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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