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South Cook News

Friday, December 27, 2024

Former state university employee Kirn paid in $69K to pension fund, could collect $1.76M in retirement

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Former state university employee Mary Kirn, who retired in July 2016, saved $68,807 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kirn would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Kirn received $36,998 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kirn will have already received $75,106 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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