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Chicago City Wire

Thursday, April 25, 2024

Former state university employee Lenane paid in $250K to pension fund, could collect $4.34M in retirement

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Former state university employee Thomas Lenane, who retired in August 2018, saved $250,217 toward a pension over 40 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lenane would collect as much as $4.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lenane received $91,212 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lenane will have already received $281,926 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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