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Chicago City Wire

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Former state university employee Leonard paid in $123K to pension fund, could collect $3.99M in retirement

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By Local Labs News Service | Aug 1, 2017

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Former state university employee John Leonard, who retired in July 2017, saved $122,665 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Leonard would collect as much as $3.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Leonard received $83,878 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Leonard will have already received $170,272 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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