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West Cook News

Friday, April 19, 2024

Former state university employee Eigenfeld paid in $652 to pension fund, could collect $27K in retirement

Money 01

Former state university employee Peter Eigenfeld, who retired in July 2018, saved $652 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Eigenfeld would collect as much as $26,832, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Eigenfeld received $564 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Eigenfeld will have already received $1,145 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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