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Chicago City Wire

Thursday, April 25, 2024

Former state university employee Young paid in $67K to pension fund, could collect $1.45M in retirement

Money 08

Former state university employee Charles Young, who retired in May 2017, saved $67,128 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Young would collect as much as $1.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Young received $30,489 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Young will have already received $94,239 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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