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Former state university employee Flannery paid in $20K to pension fund, could collect $424K in retirement

Schools

By Local Labs News Service | Feb 1, 2016

Money 04

Former state university employee Christine Flannery, who retired in January 2016, saved $19,673 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Flannery would collect as much as $423,931, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Flannery received $8,910 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Flannery will have already received $27,539 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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