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Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Hill paid in $3K to pension fund, could collect $56K in retirement

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Former state university employee Linda Hill, who retired in May 2016, saved $3,465 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hill would collect as much as $56,274, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hill received $1,182 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hill will have already received $3,653 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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