Former state university employee Jackson paid in $60K to pension fund, could collect $1.19M in retirement

By Local Labs News Service

Feb 1, 2019

Former state university employee Samuel Jackson, who retired in January 2019, saved $59,728 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jackson would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Jackson received $24,948 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jackson will have already received $77,111 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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