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Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Douglas paid in $98K to pension fund, could collect $5.04M in retirement

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Former state university employee W. Clarke Douglas, who retired in January 2018, saved $98,067 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Douglas would collect as much as $5.04 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Douglas received $105,909 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Douglas will have already received $105,909 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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