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Chicago City Wire

Monday, November 25, 2024

Former state university employee Siemieniec paid in $62K to pension fund, could collect $821K in retirement

Money272

Former state university employee Deborah Siemieniec, who retired in April 2016, saved $61,565 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Siemieniec would collect as much as $821,126, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Siemieniec received $17,259 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Siemieniec will have already received $72,205 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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