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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Gonzalez paid in $17K to pension fund, could collect $246K in retirement

Money836

Former state university employee Armando Gonzalez, who retired in December 2016, saved $16,610 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gonzalez would collect as much as $246,145, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gonzalez received $5,173 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Gonzalez will have already received $21,642 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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