Chicago City Wire

Chicago City Wire

Wednesday, November 13, 2019

Former state university employee Ather paid in $72K to pension fund, could collect $1.67M in retirement

Schools

By Local Labs News Service | May 1, 2018

Money836

Former state university employee Mohammed Ather, who retired in April 2018, saved $72,493 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ather would collect as much as $1.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ather received $35,114 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ather will have already received $108,533 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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