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Chicago City Wire

Monday, December 23, 2024

Former state university employee Stevens paid in $40K to pension fund, could collect $646K in retirement

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Former state university employee William Stevens, who retired in November 2016, saved $40,034 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stevens would collect as much as $645,625, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Stevens received $13,570 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stevens will have already received $41,943 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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