Chicago City Wire

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Friday, April 3, 2020

Former state university employee Pernell paid in $16K to pension fund, could collect $196K in retirement

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By Local Labs News Service | Nov 1, 2018

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Former state university employee Oscar Pernell, who retired in October 2018, saved $15,622 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pernell would collect as much as $195,820, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Pernell received $4,116 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Pernell will have already received $17,218 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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