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South Cook News

Wednesday, April 24, 2024

Former state university employee Duffy paid in $42K to pension fund, could collect $531K in retirement

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Former state university employee Bernard Duffy, who retired in September 2017, saved $41,561 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Duffy would collect as much as $530,781, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Duffy received $11,156 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Duffy will have already received $46,674 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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