Quantcast

Chicago City Wire

Friday, May 3, 2024

Former state university employee Yates paid in $138K to pension fund, could collect $2.92M in retirement

Shutterstock 65427295

Former state university employee Tweety Yates, who retired in January 2016, saved $138,476 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Yates would collect as much as $2.92 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Yates received $61,435 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Yates will have already received $189,889 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS