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Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Whitfield paid in $45K to pension fund, could collect $678K in retirement

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Former state university employee Paulett Whitfield, who retired in March 2019, saved $44,844 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Whitfield would collect as much as $678,235, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Whitfield received $14,256 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Whitfield will have already received $59,644 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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