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Quincy Reporter

Friday, November 22, 2024

Former state university employee Chlebanowski paid in $6K to pension fund, could collect $129K in retirement

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Former state university employee Michael Chlebanowski, who retired in June 2017, saved $5,741 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chlebanowski would collect as much as $129,127, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Chlebanowski received $2,714 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chlebanowski will have already received $8,388 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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