Quantcast

Chicago City Wire

Thursday, April 25, 2024

Former state university employee Albright paid in $312K to pension fund, could collect $5.39M in retirement

Shutterstock 373239541

Former state university employee Maria Albright, who retired in July 2018, saved $312,010 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Albright would collect as much as $5.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Albright received $113,192 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Albright will have already received $349,866 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS