Former state university employee MacIas paid in $57K to pension fund, could collect $1.67M in retirement

By Local Labs News Service

Apr 1, 2018

Former state university employee Ignacio MacIas, who retired in March 2018, saved $57,196 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, MacIas would collect as much as $1.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes MacIas received $35,081 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, MacIas will have already received $71,214 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 Chicago

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