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Chicago City Wire

Saturday, May 4, 2024

Former state university employee Kubik paid in $27K to pension fund, could collect $516K in retirement

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Former state university employee Sandra Kubik, who retired in March 2018, saved $27,283 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kubik would collect as much as $516,132, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kubik received $10,848 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kubik will have already received $33,529 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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