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Chicago City Wire

Sunday, May 5, 2024

Former state university employee Brown paid in $80K to pension fund, could collect $1.13M in retirement

Money272

Former state university employee Kathleen Brown, who retired in September 2017, saved $79,604 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $1.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Brown received $23,746 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Brown will have already received $99,344 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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