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South Cook News

Friday, April 19, 2024

Former state university employee Oswald paid in $31K to pension fund, could collect $409K in retirement

Money 07

Former state university employee Jill Oswald, who retired in June 2018, saved $31,139 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Oswald would collect as much as $408,779, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Oswald received $8,592 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Oswald will have already received $35,947 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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