Chicago City Wire

Chicago City Wire

Thursday, January 23, 2020

Former state university employee Miller paid in $63K to pension fund, could collect $1.42M in retirement

Schools

By Local Labs News Service | Sep 1, 2018

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Former state university employee John Miller, who retired in August 2018, saved $63,260 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $1.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Miller received $29,783 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $92,055 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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