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Chicago City Wire

Wednesday, May 1, 2024

Former state university employee Lenius paid in $11K to pension fund, could collect $205K in retirement

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Former state university employee Joseph Lenius, who retired in May 2016, saved $11,166 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lenius would collect as much as $204,926, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lenius received $4,307 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lenius will have already received $13,312 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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