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Chicago City Wire

Saturday, April 20, 2024

Former state university employee Wier paid in $14K to pension fund, could collect $203K in retirement

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Former state university employee Eric Wier, who retired in June 2018, saved $14,198 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wier would collect as much as $202,671, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wier received $4,260 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Wier will have already received $17,824 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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