Quantcast

Chicago City Wire

Friday, April 19, 2024

Former state university employee Case paid in $39K to pension fund, could collect $988K in retirement

Money 02

Former state university employee Linda Case, who retired in February 2017, saved $38,607 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Case would collect as much as $988,470, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Case received $20,776 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Case will have already received $42,175 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS