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North Cook News

Thursday, April 18, 2024

Former state university employee Ryan paid in $25K to pension fund, could collect $454K in retirement

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Former state university employee Jeffrey Ryan, who retired in February 2019, saved $25,342 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ryan would collect as much as $453,869, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Ryan received $9,540 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ryan will have already received $29,487 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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