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Chicago City Wire

Monday, November 25, 2024

Former state university employee Zoch paid in $14K to pension fund, could collect $664K in retirement

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Former state university employee Chic Zoch, who retired in April 2016, saved $14,489 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Zoch would collect as much as $663,717, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Zoch received $13,950 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Zoch will have already received $28,319 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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