Chicago City Wire

Chicago City Wire

Friday, November 15, 2019

Former state university employee Washington paid in $54K to pension fund, could collect $2.16M in retirement

Schools

By Local Labs News Service | Jun 1, 2018

Money759

Former state university employee Diane Washington, who retired in May 2018, saved $53,895 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Washington would collect as much as $2.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Washington received $45,337 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Washington will have already received $92,034 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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