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Chicago City Wire

Friday, April 26, 2024

Former state university employee Denny paid in $12K to pension fund, could collect $177K in retirement

Money759

Former state university employee America Denny, who retired in February 2016, saved $11,891 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Denny would collect as much as $176,986, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Denny received $3,720 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Denny will have already received $15,564 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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