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Chicago City Wire

Monday, November 25, 2024

Former state university employee Greene paid in $16K to pension fund, could collect $413K in retirement

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Former state university employee Denise Greene, who retired in February 2017, saved $16,226 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Greene would collect as much as $413,089, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Greene received $8,682 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Greene will have already received $17,624 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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