Chicago City Wire

Chicago City Wire

Wednesday, February 19, 2020

Former state university employee Staples paid in $29K to pension fund, could collect $339K in retirement


By Local Labs News Service | Jan 1, 2018

Money 07

Former state university employee Daphne Staples, who retired in December 2017, saved $28,626 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Staples would collect as much as $339,077, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Staples received $7,127 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Staples will have already received $29,817 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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