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Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Crames paid in $31K to pension fund, could collect $1.84M in retirement

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Former state university employee Joel Crames, who retired in July 2016, saved $30,656 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Crames would collect as much as $1.84 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Crames received $38,709 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Crames will have already received $38,709 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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