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Chicago City Wire

Friday, April 26, 2024

Former state university employee Tomson paid in $12K to pension fund, could collect $208K in retirement

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Former state university employee Thomas Tomson, who retired in January 2016, saved $11,748 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tomson would collect as much as $208,368, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Tomson received $4,379 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tomson will have already received $13,534 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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