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Chicago City Wire

Tuesday, May 27, 2025

Former state university employee Sackett paid in $14K to pension fund, could collect $1.33M in retirement

Money 05

Former state university employee Paul Sackett, who retired in January 2018, saved $14,138 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sackett would collect as much as $1.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sackett received $27,937 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Sackett will have already received $27,937 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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