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Chicago City Wire

Thursday, April 25, 2024

Former state university employee Menchaca paid in $10K to pension fund, could collect $223K in retirement

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Former state university employee Job Menchaca, who retired in January 2016, saved $10,254 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Menchaca would collect as much as $222,658, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Menchaca received $4,680 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Menchaca will have already received $14,465 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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