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Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Silva paid in $1K to pension fund, could collect $98K in retirement

Money759

Former state university employee Sonia Silva, who retired in January 2016, saved $1,497 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Silva would collect as much as $98,207, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Silva received $2,064 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Silva will have already received $2,064 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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