Former state university employee Michael paid in $14K to pension fund, could collect $625K in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Bette Michael, who retired in January 2016, saved $14,164 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Michael would collect as much as $624,707, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Michael received $13,130 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Michael will have already received $26,654 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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