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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Murray paid in $26K to pension fund, could collect $379K in retirement

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Former state university employee Linda Murray, who retired in December 2016, saved $25,752 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Murray would collect as much as $379,372, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Murray received $7,974 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Murray will have already received $33,359 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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