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Chicago City Wire

Monday, November 25, 2024

Former state university employee Eales paid in $19K to pension fund, could collect $1.43M in retirement

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Former state university employee James Eales, who retired in April 2016, saved $19,113 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Eales would collect as much as $1.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Eales received $30,112 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Eales will have already received $30,112 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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