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Chicago City Wire

Friday, April 19, 2024

Former state university employee Willis paid in $47K to pension fund, could collect $1.05M in retirement

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Former state university employee Angela Willis, who retired in June 2016, saved $46,862 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Willis would collect as much as $1.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Willis received $21,983 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Willis will have already received $67,946 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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