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Chicago City Wire

Sunday, November 24, 2024

Former state university employee Meier paid in $16K to pension fund, could collect $521K in retirement

Money 06

Former state university employee William Meier, who retired in October 2016, saved $15,638 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meier would collect as much as $520,608, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Meier received $10,942 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Meier will have already received $22,212 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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