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Chicago City Wire

Monday, December 23, 2024

Former state university employee Berry paid in $90K to pension fund, could collect $1.32M in retirement

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Former state university employee Donnell Berry, who retired in August 2016, saved $90,365 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Berry would collect as much as $1.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Berry received $27,773 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Berry will have already received $116,191 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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