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Chicago City Wire

Friday, April 26, 2024

Former state university employee Sims paid in $98K to pension fund, could collect $2.1M in retirement

Money 05

Former state university employee Herman Sims, who retired in November 2018, saved $97,812 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sims would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sims received $44,100 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sims will have already received $136,309 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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