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Chicago City Wire

Tuesday, December 24, 2024

Former state university employee Vedvik paid in $48K to pension fund, could collect $1.46M in retirement

Money 05

Former state university employee Ruth Vedvik, who retired in November 2016, saved $47,770 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vedvik would collect as much as $1.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Vedvik received $30,731 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Vedvik will have already received $62,384 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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