Quantcast

Chicago City Wire

Monday, November 25, 2024

Former state university employee Liebenow paid in $72K to pension fund, could collect $2.72M in retirement

Money 05

Former state university employee Franklin Liebenow, who retired in September 2016, saved $72,394 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Liebenow would collect as much as $2.72 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Liebenow received $57,189 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Liebenow will have already received $116,094 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS