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Chicago City Wire

Tuesday, November 26, 2024

Former state university employee Grove paid in $12K to pension fund, could collect $170K in retirement

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Former state university employee Stephen Grove, who retired in February 2017, saved $11,880 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Grove would collect as much as $169,650, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Grove received $3,565 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Grove will have already received $14,914 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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