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Chicago City Wire

Friday, April 26, 2024

Former state university employee Delgado paid in $116K to pension fund, could collect $1.95M in retirement

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Former state university employee Luis Delgado, who retired in January 2018, saved $115,827 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Delgado would collect as much as $1.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Delgado received $41,058 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Delgado will have already received $126,907 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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