Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Samson paid in $62K to pension fund, could collect $1.37M in retirement

Schools

By Local Labs News Service | Nov 1, 2016

Money 06

Former state university employee Cere Samson, who retired in October 2016, saved $61,774 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Samson would collect as much as $1.37 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Samson received $28,889 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Samson will have already received $89,294 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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