Quantcast

Chicago City Wire

Friday, April 19, 2024

Former state university employee Simmons paid in $122K to pension fund, could collect $2.51M in retirement

Shutterstock 65427295

Former state university employee Kristine Simmons, who retired in April 2019, saved $121,631 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Simmons would collect as much as $2.51 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Simmons received $52,848 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Simmons will have already received $163,347 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS