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Chicago City Wire

Sunday, July 27, 2025

Former state university employee Cleary paid in $155K to pension fund, could collect $2.31M in retirement

Money759

Former state university employee John Cleary, who retired in February 2019, saved $155,439 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cleary would collect as much as $2.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cleary received $48,612 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cleary will have already received $203,373 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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