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South Cook News

Friday, April 26, 2024

Former state university employee Brady paid in $122K to pension fund, could collect $2.14M in retirement

Money 04

Former state university employee Catherine Brady, who retired in August 2017, saved $122,033 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brady would collect as much as $2.14 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Brady received $45,051 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brady will have already received $139,249 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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