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South Cook News

Tuesday, April 16, 2024

Former state university employee Clifford paid in $2K to pension fund, could collect $556K in retirement

Money 04

Former state university employee Robert Clifford, who retired in August 2016, saved $1,598 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clifford would collect as much as $556,032, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Clifford received $11,687 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Clifford will have already received $11,687 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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