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Chicago City Wire

Thursday, December 26, 2024

Former state university employee Andrews paid in $63K to pension fund, could collect $989K in retirement

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Former state university employee Kimberly Andrews, who retired in November 2016, saved $63,245 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Andrews would collect as much as $989,035, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Andrews received $20,788 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Andrews will have already received $64,254 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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