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Chicago City Wire

Saturday, April 20, 2024

Former state university employee Stewart paid in $3K to pension fund, could collect $59K in retirement

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Former state university employee Hope Stewart, who retired in February 2016, saved $2,520 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stewart would collect as much as $59,180, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Stewart received $1,243 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Stewart will have already received $2,523 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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