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South Cook News

Tuesday, February 18, 2020

Former state university employee Shields paid in $8K to pension fund, could collect $190K in retirement

Schools

By Local Labs News Service | Feb 1, 2017

Money 06

Former state university employee Richard Shields, who retired in January 2017, saved $8,023 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Shields would collect as much as $190,499, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Shields received $4,004 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Shields will have already received $8,128 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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