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Chicago City Wire

Sunday, November 24, 2024

Former state university employee Edmison paid in $104K to pension fund, could collect $2.12M in retirement

Money 05

Former state university employee Ronald Edmison, who retired in October 2016, saved $103,959 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Edmison would collect as much as $2.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Edmison received $44,594 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Edmison will have already received $137,836 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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