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Chicago City Wire

Saturday, May 4, 2024

Former state university employee Jones paid in $74K to pension fund, could collect $910K in retirement

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Former state university employee Jean Jones, who retired in January 2018, saved $74,172 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $910,479, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Jones received $19,137 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Jones will have already received $80,061 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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