Chicago City Wire

Chicago City Wire

Monday, January 27, 2020

Former state university employee Tobin paid in $92K to pension fund, could collect $2.14M in retirement


By Local Labs News Service | Jan 1, 2018

Shutterstock 267646277

Former state university employee Joy Tobin, who retired in December 2017, saved $91,625 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tobin would collect as much as $2.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Tobin received $44,952 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tobin will have already received $138,943 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about University of Illinois at Chicago ?

Sign-up Next time we write about University of Illinois at Chicago, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

University of Illinois at Chicago

More News