Chicago City Wire

Chicago City Wire

Thursday, November 21, 2019

Former state university employee Sneegas paid in $11K to pension fund, could collect $899K in retirement


By Local Labs News Service | Jan 1, 2018

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Former state university employee Janiece Sneegas, who retired in December 2017, saved $10,913 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sneegas would collect as much as $899,363, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sneegas received $18,903 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Sneegas will have already received $18,903 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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