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Chicago City Wire

Monday, November 25, 2024

Former state university employee Ortega paid in $50K to pension fund, could collect $643K in retirement

Money 04

Former state university employee Irma Ortega, who retired in April 2016, saved $50,178 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ortega would collect as much as $642,839, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ortega received $13,512 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Ortega will have already received $56,529 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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