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West Cook News

Friday, April 26, 2024

Former state university employee Bahamon paid in $9K to pension fund, could collect $84K in retirement

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Former state university employee Ray Bahamon, who retired in April 2016, saved $8,521 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bahamon would collect as much as $84,493, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Bahamon received $1,776 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Bahamon will have already received $9,429 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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