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Chicago City Wire

Saturday, August 2, 2025

Former state university employee Mullen paid in $153K to pension fund, could collect $3.46M in retirement

Money272

Former state university employee Rick Mullen, who retired in October 2018, saved $153,339 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mullen would collect as much as $3.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mullen received $72,648 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mullen will have already received $224,547 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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