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Chicago City Wire

Sunday, May 5, 2024

Former state university employee Coulson paid in $31K to pension fund, could collect $986K in retirement

Money836

Former state university employee Kevin Coulson, who retired in August 2018, saved $30,537 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Coulson would collect as much as $986,061, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Coulson received $20,726 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Coulson will have already received $42,074 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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