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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Hunt paid in $39K to pension fund, could collect $1.08M in retirement

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Former state university employee Teresa Hunt, who retired in December 2016, saved $38,562 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hunt would collect as much as $1.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hunt received $22,725 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hunt will have already received $46,132 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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