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Chicago City Wire

Friday, April 26, 2024

Former state university employee Getachew paid in $167K to pension fund, could collect $3.65M in retirement

Money759

Former state university employee Dawit Getachew, who retired in January 2016, saved $166,971 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Getachew would collect as much as $3.65 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Getachew received $76,704 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Getachew will have already received $237,084 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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