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Monday, February 17, 2020

Former state university employee Williams paid in $62K to pension fund, could collect $1.32M in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Money 01

Former state university employee Donna Williams, who retired in December 2017, saved $61,896 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $1.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Williams received $27,848 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $86,074 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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