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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Clark paid in $210K to pension fund, could collect $2.78M in retirement

Money 06

Former state university employee Geraldine Clark, who retired in October 2016, saved $209,811 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clark would collect as much as $2.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Clark received $58,525 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Clark will have already received $244,847 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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