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Friday, February 28, 2020

Former state university employee Garcia paid in $54K to pension fund, could collect $938K in retirement


By Local Labs News Service | Feb 1, 2016

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Former state university employee Carmen Garcia, who retired in January 2016, saved $54,453 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garcia would collect as much as $938,042, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Garcia received $19,716 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garcia will have already received $60,939 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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