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Chicago City Wire

Wednesday, May 1, 2024

Former state university employee Ward paid in $44K to pension fund, could collect $728K in retirement

Money272

Former state university employee Jacqueline Ward, who retired in June 2016, saved $43,805 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ward would collect as much as $727,744, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ward received $15,296 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ward will have already received $47,279 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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