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Chicago City Wire

Friday, April 19, 2024

Former state university employee Henderson paid in $107K to pension fund, could collect $2.3M in retirement

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Former state university employee Lionel Henderson, who retired in June 2016, saved $106,961 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Henderson would collect as much as $2.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Henderson received $48,387 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Henderson will have already received $149,560 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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