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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Johnson paid in $118K to pension fund, could collect $2.47M in retirement

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Former state university employee Jeffery Johnson, who retired in December 2016, saved $118,373 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $2.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Johnson received $51,827 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $160,192 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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