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South Cook News

Tuesday, October 8, 2024

Former state university employee Wright paid in $116K to pension fund, could collect $1.92M in retirement

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Former state university employee Darlene Wright, who retired in July 2017, saved $115,648 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wright would collect as much as $1.92 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Wright received $40,293 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wright will have already received $124,542 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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