Chicago City Wire

Chicago City Wire

Monday, January 27, 2020

Former state university employee Wang paid in $131K to pension fund, could collect $2.76M in retirement


By Local Labs News Service | Jan 1, 2018

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Former state university employee Hong Wang, who retired in December 2017, saved $131,384 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wang would collect as much as $2.76 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wang received $58,033 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wang will have already received $179,374 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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