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Chicago City Wire

Thursday, April 25, 2024

Former state university employee Thomson paid in $68K to pension fund, could collect $902K in retirement

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Former state university employee George Thomson, who retired in August 2018, saved $67,577 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thomson would collect as much as $901,624, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Thomson received $18,951 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Thomson will have already received $79,286 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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