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West Cook News

Monday, November 18, 2024

Former state university employee Cushion paid in $208 to pension fund, could collect $220K in retirement

Money 03

Former state university employee Michael Cushion, who retired in July 2017, saved $208 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cushion would collect as much as $219,798, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Cushion received $4,620 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Cushion will have already received $4,620 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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