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Chicago City Wire

Monday, December 23, 2024

Former state university employee Swise paid in $32K to pension fund, could collect $584K in retirement

Money 03

Former state university employee Kimberly Swise, who retired in August 2016, saved $31,608 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Swise would collect as much as $584,058, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Swise received $12,276 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Swise will have already received $37,943 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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