Chicago City Wire

Chicago City Wire

Sunday, November 17, 2019

Former state university employee Long paid in $221K to pension fund, could collect $3.8M in retirement

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By Local Labs News Service | Mar 1, 2019

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Former state university employee Marinella Long, who retired in February 2019, saved $221,349 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Long would collect as much as $3.8 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Long received $79,872 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Long will have already received $246,876 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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