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Chicago City Wire

Friday, May 3, 2024

Former state university employee Kim paid in $189K to pension fund, could collect $4.53M in retirement

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Former state university employee Heung Kim, who retired in September 2016, saved $189,299 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kim would collect as much as $4.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kim received $95,321 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kim will have already received $193,502 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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