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Chicago City Wire

Friday, April 26, 2024

Former state university employee Kennedy paid in $41K to pension fund, could collect $584K in retirement

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Former state university employee Mary Kennedy, who retired in December 2016, saved $40,559 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kennedy would collect as much as $584,121, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kennedy received $12,277 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Kennedy will have already received $51,361 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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