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Chicago City Wire

Thursday, November 14, 2024

Former state university employee Parker paid in $34K to pension fund, could collect $886K in retirement

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Former state university employee Aaron Parker, who retired in April 2016, saved $34,371 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Parker would collect as much as $885,741, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Parker received $18,617 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Parker will have already received $37,793 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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