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South Cook News

Wednesday, April 24, 2024

Former state university employee Martig paid in $87K to pension fund, could collect $2.15M in retirement

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Former state university employee Edward Martig, who retired in June 2017, saved $87,163 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martig would collect as much as $2.15 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Martig received $45,135 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Martig will have already received $91,624 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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