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Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Williams paid in $23K to pension fund, could collect $717K in retirement

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Former state university employee Howard Williams, who retired in December 2017, saved $22,695 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $717,347, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Williams received $15,078 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Williams will have already received $30,608 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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