Chicago City Wire

Chicago City Wire

Tuesday, November 19, 2019

Former state university employee Larkins paid in $48K to pension fund, could collect $536K in retirement

Schools

By Local Labs News Service | Nov 1, 2017

Money041

Former state university employee Clementine Larkins, who retired in October 2017, saved $47,891 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Larkins would collect as much as $536,233, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Larkins received $11,271 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Larkins will have already received $59,838 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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