Former state university employee Orchard paid in $25K to pension fund, could collect $1.28M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Michael Orchard, who retired in January 2016, saved $25,327 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Orchard would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Orchard received $26,998 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Orchard will have already received $26,998 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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