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Chicago City Wire

Monday, December 23, 2024

Former state university employee Anderson paid in $16K to pension fund, could collect $1.17M in retirement

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Former state university employee Stephen Anderson, who retired in November 2016, saved $15,971 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $1.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Anderson received $24,506 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Anderson will have already received $24,506 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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