Chicago City Wire

Chicago City Wire

Monday, February 17, 2020

Former state university employee Crutcher paid in $2K to pension fund, could collect $70K in retirement


By Local Labs News Service | Jan 1, 2018

Money 07

Former state university employee Wilbert Crutcher, who retired in December 2017, saved $2,038 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Crutcher would collect as much as $69,650, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Crutcher received $1,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Crutcher will have already received $2,972 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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