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Chicago City Wire

Saturday, April 20, 2024

Former state university employee Guzman paid in $78K to pension fund, could collect $1.67M in retirement

Money836

Former state university employee Veronica Guzman, who retired in December 2017, saved $77,626 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Guzman 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 Guzman received $35,064 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Guzman will have already received $108,379 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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