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Chicago City Wire

Friday, April 19, 2024

Former state university employee Fitch paid in $96K to pension fund, could collect $2.24M in retirement

Money 08

Former state university employee Duane Fitch, who retired in March 2017, saved $95,857 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fitch would collect as much as $2.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Fitch received $47,016 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fitch will have already received $145,321 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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