Quantcast

Chicago City Wire

Thursday, April 25, 2024

Former state university employee Faith paid in $107K to pension fund, could collect $2.44M in retirement

Money 01

Former state university employee Sherri Faith, who retired in December 2016, saved $106,829 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Faith would collect as much as $2.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Faith received $51,381 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Faith will have already received $158,813 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS