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Chicago City Wire

Tuesday, December 24, 2024

Former state university employee Wilkins paid in $7K to pension fund, could collect $95K in retirement

Money 05

Former state university employee Michael Wilkins, who retired in November 2016, saved $6,932 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wilkins would collect as much as $95,244, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wilkins received $2,001 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Wilkins will have already received $8,372 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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