Quantcast

Chicago City Wire

Monday, May 6, 2024

Former state university employee Abdullah paid in $43K to pension fund, could collect $1.1M in retirement

Shutterstock 197358977

Former state university employee Dorthel Abdullah, who retired in October 2016, saved $43,028 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Abdullah would collect as much as $1.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Abdullah received $23,021 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Abdullah will have already received $46,733 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS