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Chicago City Wire

Wednesday, May 1, 2024

Former state university employee Taggart paid in $42K to pension fund, could collect $670K in retirement

Money759

Former state university employee James Taggart, who retired in July 2017, saved $41,655 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Taggart would collect as much as $669,557, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Taggart received $14,073 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Taggart will have already received $43,498 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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