Chicago City Wire

Chicago City Wire

Thursday, November 21, 2019

Former state university employee Compton paid in $38K to pension fund, could collect $776K in retirement

Schools

By Local Labs News Service | May 1, 2018

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Former state university employee William Compton, who retired in April 2018, saved $38,116 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Compton would collect as much as $776,367, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Compton received $16,318 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Compton will have already received $50,438 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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