Chicago City Wire

Chicago City Wire

Wednesday, November 13, 2019

Former state university employee Bokamba paid in $34K to pension fund, could collect $1.81M in retirement

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By Local Labs News Service | Aug 1, 2017

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Former state university employee Molingo Bokamba, who retired in July 2017, saved $33,506 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bokamba would collect as much as $1.81 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bokamba received $38,056 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Bokamba will have already received $38,056 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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