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Chicago City Wire

Saturday, May 4, 2024

Former state university employee Thompson paid in $128K to pension fund, could collect $2.05M in retirement

Money 07

Former state university employee Cleveland Thompson, who retired in January 2018, saved $128,004 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thompson would collect as much as $2.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Thompson received $43,116 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thompson will have already received $133,266 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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