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Chicago City Wire

Friday, May 3, 2024

Former state university employee Kilzer paid in $7K to pension fund, could collect $103K in retirement

Money 03

Former state university employee Nicholas Kilzer, who retired in November 2016, saved $6,508 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kilzer would collect as much as $103,265, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kilzer received $2,170 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kilzer will have already received $6,707 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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