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Chambana Sun

Monday, November 25, 2024

Former state university employee Fitzgerald paid in $43K to pension fund, could collect $765K in retirement

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Former state university employee Michael Fitzgerald, who retired in June 2016, saved $43,226 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fitzgerald would collect as much as $764,927, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Fitzgerald received $16,078 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fitzgerald will have already received $49,695 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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