Quantcast

Chicago City Wire

Tuesday, November 26, 2024

Former state university employee Ware paid in $78K to pension fund, could collect $1.51M in retirement

Shutterstock 113962678

Former state university employee Thomas Ware, who retired in February 2017, saved $78,084 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ware would collect as much as $1.51 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ware received $31,785 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ware will have already received $98,245 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS