Chicago City Wire

Chicago City Wire

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Former state university employee Diaz Lewis paid in $82K to pension fund, could collect $1.58M in retirement

Schools

By Local Labs News Service | Aug 1, 2017

Money 08

Former state university employee Teresita Diaz Lewis, who retired in July 2017, saved $82,487 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Diaz Lewis would collect as much as $1.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Diaz Lewis received $33,174 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Diaz Lewis will have already received $102,537 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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