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Chicago City Wire

Thursday, April 18, 2024

Former state university employee Glover paid in $13K to pension fund, could collect $131K in retirement

Money 01

Former state university employee James Glover, who retired in October 2018, saved $13,344 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Glover would collect as much as $131,079, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Glover received $2,755 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Glover will have already received $14,628 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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