Quantcast

Chicago City Wire

Sunday, December 22, 2024

Former state university employee Gordon paid in $7K to pension fund, could collect $175K in retirement

Money 01

Former state university employee Helen Gordon, who retired in April 2019, saved $6,758 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gordon would collect as much as $175,267, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gordon received $3,684 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gordon will have already received $7,479 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS