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Kane County Reporter

Friday, April 19, 2024

Former state university employee Cannici paid in $15K to pension fund, could collect $512K in retirement

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Former state university employee Joseph Cannici, who retired in June 2018, saved $14,714 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cannici would collect as much as $511,953, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Cannici received $10,760 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cannici will have already received $21,843 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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