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Friday, February 28, 2020

Former state university employee Lindsey paid in $25K to pension fund, could collect $338K in retirement

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By Local Labs News Service | Jul 1, 2018

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Former state university employee Odis Lindsey, who retired in June 2018, saved $25,490 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lindsey would collect as much as $337,833, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Lindsey received $7,101 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Lindsey will have already received $29,707 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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