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Wednesday, February 19, 2020

Former state university employee Chung paid in $106K to pension fund, could collect $1.6M in retirement

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By Local Labs News Service | Aug 1, 2016

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Former state university employee Kyusuk Chung, who retired in July 2016, saved $105,804 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chung would collect as much as $1.6 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Chung received $33,582 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Chung will have already received $140,494 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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