Former state university employee Young paid in $39K to pension fund, could collect $1.85M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Melvina Young, who retired in January 2016, saved $38,799 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Young would collect as much as $1.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Young received $38,959 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Young will have already received $38,959 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 Chicago

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