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Chambana Sun

Friday, November 29, 2024

Former state university employee Cinker paid in $73K to pension fund, could collect $1.76M in retirement

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Former state university employee Michael Cinker, who retired in March 2016, saved $72,812 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cinker would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Cinker received $37,003 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cinker will have already received $75,116 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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