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Chicago City Wire

Wednesday, December 25, 2024

Former state university employee Al Sharif paid in $13K to pension fund, could collect $603K in retirement

Money041

Former state university employee Nabil Al Sharif, who retired in November 2016, saved $12,912 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Al Sharif would collect as much as $602,795, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Al Sharif received $12,670 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Al Sharif will have already received $25,720 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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