Former state university employee Preston paid in $75K to pension fund, could collect $1.99M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Carol Preston, who retired in January 2016, saved $74,973 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Preston would collect as much as $1.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Preston received $41,812 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Preston will have already received $84,878 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

University of Illinois at Urbana Champaign

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate