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Chicago City Wire

Thursday, April 18, 2024

Former state university employee Chambers paid in $88K to pension fund, could collect $1.77M in retirement

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Former state university employee Margret Chambers, who retired in December 2018, saved $87,644 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chambers would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Chambers received $37,152 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chambers will have already received $114,834 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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