Former state university employee Miller paid in $162K to pension fund, could collect $2.32M in retirement

By Local Labs News Service

Apr 1, 2019

Former state university employee Joseph Miller, who retired in March 2019, saved $162,280 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $2.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Miller received $48,756 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Miller will have already received $203,979 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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