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Chicago City Wire

Friday, April 26, 2024

Former state university employee Robinson paid in $34K to pension fund, could collect $682K in retirement

Money 05

Former state university employee Judith Robinson, who retired in January 2018, saved $33,888 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Robinson would collect as much as $682,122, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Robinson received $14,337 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Robinson will have already received $44,314 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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