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South Cook News

Saturday, April 20, 2024

Former state university employee Walsh paid in $176K to pension fund, could collect $4.48M in retirement

Money 04

Former state university employee Mary Walsh, who retired in January 2018, saved $176,287 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walsh would collect as much as $4.48 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Walsh received $94,088 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Walsh will have already received $190,999 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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