Chicago City Wire

Chicago City Wire

Friday, April 3, 2020

Former state university employee Frye paid in $8K to pension fund, could collect $188K in retirement


By Local Labs News Service | Feb 1, 2016

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Former state university employee Gilbert Frye, who retired in January 2016, saved $7,833 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Frye would collect as much as $187,650, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Frye received $3,944 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Frye will have already received $8,006 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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