Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Larson paid in $61K to pension fund, could collect $1.91M in retirement


By Local Labs News Service | Feb 1, 2016

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Former state university employee John Larson, who retired in January 2016, saved $60,878 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Larson would collect as much as $1.91 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Larson received $40,241 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Larson will have already received $81,689 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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