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Chicago City Wire

Friday, April 19, 2024

Former state university employee Cooke paid in $142K to pension fund, could collect $2.95M in retirement

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Former state university employee Irene Cooke, who retired in March 2017, saved $142,014 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cooke would collect as much as $2.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cooke received $62,065 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cooke will have already received $191,837 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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