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Chicago City Wire

Saturday, April 20, 2024

Former state university employee Scott paid in $28K to pension fund, could collect $472K in retirement

Money041

Former state university employee Nadine Scott, who retired in September 2016, saved $27,942 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Scott would collect as much as $472,041, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Scott received $9,921 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scott will have already received $30,666 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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