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South Cook News

Friday, May 3, 2024

Former state university employee Brooks paid in $19K to pension fund, could collect $365K in retirement

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Former state university employee Martin Brooks, who retired in August 2016, saved $19,148 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brooks would collect as much as $364,808, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Brooks received $7,668 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brooks will have already received $23,701 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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