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Chicago City Wire

Tuesday, April 23, 2024

Former state university employee Bush paid in $51K to pension fund, could collect $741K in retirement

Money 03

Former state university employee Bernetta Bush, who retired in January 2016, saved $50,785 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bush would collect as much as $741,377, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bush received $15,583 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Bush will have already received $65,193 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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