Quantcast

Chicago City Wire

Thursday, April 25, 2024

Former state university employee Williams paid in $86K to pension fund, could collect $1.64M in retirement

Shutterstock 450769633

Former state university employee Roosevelt Williams, who retired in April 2019, saved $85,674 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Williams received $34,476 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $106,561 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS