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Chicago City Wire

Friday, April 26, 2024

Former state university employee Connolly paid in $121K to pension fund, could collect $2.06M in retirement

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Former state university employee Anissa Connolly, who retired in March 2019, saved $120,505 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Connolly would collect as much as $2.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Connolly received $43,200 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Connolly will have already received $133,527 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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