Chicago City Wire

Chicago City Wire

Tuesday, January 28, 2020

Former state university employee Foster paid in $122K to pension fund, could collect $2.34M in retirement

Schools

By Local Labs News Service | Aug 1, 2018

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Former state university employee Linda Foster, who retired in July 2018, saved $121,658 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Foster would collect as much as $2.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Foster received $49,117 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Foster will have already received $151,817 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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