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South Cook News

Wednesday, April 24, 2024

Former state university employee Clair paid in $16K to pension fund, could collect $246K in retirement

Money 04

Former state university employee Michele Clair, who retired in January 2017, saved $15,562 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clair would collect as much as $246,499, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Clair received $5,181 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clair will have already received $16,013 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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