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South Cook News

Wednesday, April 24, 2024

Former state university employee Varjavand paid in $3K to pension fund, could collect $49K in retirement

Money041

Former state university employee Reza Varjavand, who retired in February 2018, saved $2,653 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Varjavand would collect as much as $49,097, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Varjavand received $1,032 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Varjavand will have already received $3,190 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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