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Chicago City Wire

Thursday, April 25, 2024

Former state university employee Bonilla paid in $23K to pension fund, could collect $477K in retirement

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Former state university employee Mary Bonilla, who retired in March 2017, saved $23,048 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bonilla would collect as much as $477,111, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bonilla received $10,028 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bonilla will have already received $30,996 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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