Quantcast

Chicago City Wire

Saturday, July 12, 2025

Former state university employee Smith paid in $92K to pension fund, could collect $1.99M in retirement

Money 03

Former state university employee Prudence Smith, who retired in January 2019, saved $91,981 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $1.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Smith received $41,724 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $128,965 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS