Former state university employee Records paid in $37K to pension fund, could collect $691K in retirement

By Local Labs News Service

Apr 1, 2016

Former state university employee Melissa Records, who retired in March 2016, saved $37,161 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Records would collect as much as $691,000, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Records received $14,524 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Records will have already received $44,893 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

University of Illinois at Urbana Champaign

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