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Chicago City Wire

Friday, April 26, 2024

Former state university employee Walker paid in $69K to pension fund, could collect $1.62M in retirement

Money 04

Former state university employee Teresa Walker, who retired in May 2018, saved $68,507 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walker would collect as much as $1.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Walker received $33,965 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Walker will have already received $68,949 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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