Chicago City Wire

Chicago City Wire

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Former state university employee Walsh paid in $162K to pension fund, could collect $3.87M in retirement

Schools

By Local Labs News Service | Jun 1, 2016

Money041

Former state university employee James Walsh, who retired in May 2016, saved $161,786 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walsh would collect as much as $3.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Walsh received $81,271 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Walsh will have already received $164,980 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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