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Chicago City Wire

Friday, April 19, 2024

Former state university employee Nystrom paid in $7K to pension fund, could collect $382K in retirement

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Former state university employee Harvey Nystrom, who retired in April 2017, saved $6,707 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nystrom would collect as much as $382,317, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Nystrom received $8,036 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Nystrom will have already received $8,036 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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