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Chicago City Wire

Monday, December 23, 2024

Former state university employee Serbia paid in $38K to pension fund, could collect $796K in retirement

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Former state university employee Aurelia Serbia, who retired in November 2016, saved $37,959 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Serbia would collect as much as $795,978, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Serbia received $16,730 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Serbia will have already received $51,711 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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