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Chicago City Wire

Tuesday, April 23, 2024

Former state university employee Ryan paid in $71K to pension fund, could collect $1.61M in retirement

Money 03

Former state university employee Mary Ann Ryan, who retired in June 2016, saved $70,647 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ryan would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ryan received $33,793 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ryan will have already received $104,451 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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