Chicago City Wire

Chicago City Wire

Wednesday, November 13, 2019

Former state university employee Stevens paid in $13K to pension fund, could collect $289K in retirement


By Local Labs News Service | Aug 1, 2017

Money 08

Former state university employee Darlene Stevens, who retired in July 2017, saved $12,773 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stevens would collect as much as $288,678, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Stevens received $6,067 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stevens will have already received $18,752 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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