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Chicago City Wire

Monday, December 23, 2024

Former state university employee Lewis paid in $142K to pension fund, could collect $2.88M in retirement

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Former state university employee Paulette Lewis, who retired in November 2016, saved $141,856 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lewis would collect as much as $2.88 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lewis received $60,528 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lewis will have already received $187,086 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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