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Chicago City Wire

Monday, November 25, 2024

Former state university employee Perry paid in $68K to pension fund, could collect $993K in retirement

Money 07

Former state university employee Lamorris Perry, who retired in February 2017, saved $67,885 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Perry would collect as much as $993,134, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Perry received $20,874 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Perry will have already received $87,328 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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