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Chicago City Wire

Tuesday, April 23, 2024

Former state university employee Taylor paid in $117K to pension fund, could collect $2.53M in retirement

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Former state university employee Eric Taylor, who retired in July 2018, saved $116,989 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Taylor would collect as much as $2.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Taylor received $53,184 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Taylor will have already received $164,387 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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