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

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By Local Labs News Service | Jan 1, 2018

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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.

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