Former state university employee Maxwell paid in $110K to pension fund, could collect $2.1M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Douglas Maxwell, who retired in January 2016, saved $110,094 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Maxwell would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Maxwell received $44,176 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Maxwell will have already received $136,543 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 Urbana Champaign

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