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Chicago City Wire

Thursday, April 18, 2024

Former state university employee Long paid in $15K to pension fund, could collect $260K in retirement

Money 03

Former state university employee Oscar Long, who retired in May 2016, saved $14,548 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Long would collect as much as $259,813, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Long received $5,461 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Long will have already received $16,880 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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