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Chicago City Wire

Wednesday, December 25, 2024

Former state university employee Rodriguez paid in $43K to pension fund, could collect $770K in retirement

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Former state university employee M. Carmen Rodriguez, who retired in November 2016, saved $43,031 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rodriguez would collect as much as $769,545, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rodriguez received $16,175 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rodriguez will have already received $49,995 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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