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Chicago City Wire

Sunday, November 24, 2024

Former state university employee Thomas paid in $5K to pension fund, could collect $111K in retirement

Money 03

Former state university employee Evans Thomas, who retired in October 2016, saved $4,966 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thomas would collect as much as $111,041, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Thomas received $2,334 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thomas will have already received $7,214 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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