Former state university employee Nicholas paid in $112K to pension fund, could collect $2.68M in retirement

By Local Labs News Service

Aug 1, 2018

Former state university employee Elaine Nicholas, who retired in July 2018, saved $112,408 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nicholas would collect as much as $2.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Nicholas received $56,356 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Nicholas will have already received $114,403 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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