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South Cook News

Saturday, April 20, 2024

Former state university employee Cullen paid in $53K to pension fund, could collect $1.13M in retirement

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Former state university employee Laura Cullen, who retired in July 2018, saved $52,770 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cullen would collect as much as $1.13 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Cullen received $23,829 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cullen will have already received $73,653 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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