Chicago City Wire

Chicago City Wire

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Former state university employee Rashid paid in $124K to pension fund, could collect $2.77M in retirement

Schools

By Local Labs News Service | May 1, 2018


Former state university employee Jamila Rashid, who retired in April 2018, saved $124,327 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rashid would collect as much as $2.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rashid received $58,207 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rashid will have already received $179,912 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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