Dupage Policy Journal

Dupage Policy Journal

Monday, February 24, 2020

Former state university employee Haddad paid in $11K to pension fund, could collect $168K in retirement


By Local Labs News Service | Nov 1, 2016

Money 04

Former state university employee Michael Haddad, who retired in October 2016, saved $10,894 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Haddad would collect as much as $168,319, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Haddad received $3,537 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Haddad will have already received $10,932 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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