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Chicago City Wire

Thursday, December 26, 2024

Former state university employee Long paid in $69K to pension fund, could collect $1.38M in retirement

Money 01

Former state university employee Diana Long, who retired in November 2016, saved $68,791 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Long would collect as much as $1.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Long received $29,027 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Long will have already received $89,720 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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