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Chicago City Wire

Saturday, September 28, 2024

Former state university employee Seaton paid in $115K to pension fund, could collect $2.54M in retirement

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Former state university employee Beth Seaton, who retired in October 2016, saved $114,851 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Seaton would collect as much as $2.54 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Seaton received $53,479 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Seaton will have already received $165,297 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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