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Chicago City Wire

Friday, April 26, 2024

Former state university employee Mitchell Temporary Guardian paid in $12K to pension fund, could collect $617K in retirement

Money272

Former state university employee Willis Mitchell Temporary Guardian, who retired in September 2018, saved $12,421 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mitchell Temporary Guardian would collect as much as $617,148, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mitchell Temporary Guardian received $12,972 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Mitchell Temporary Guardian will have already received $12,972 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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