Former state university employee Li paid in $66K to pension fund, could collect $541K in retirement

By Local Labs News Service

Dec 1, 2018

Former state university employee Peifeng Li, who retired in November 2018, saved $65,646 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Li would collect as much as $541,217, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Li received $11,376 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Li will have already received $73,585 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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