Chicago City Wire

Chicago City Wire

Monday, January 20, 2020

Former state university employee Harrison paid in $28K to pension fund, could collect $1.02M in retirement

Schools

By Local Labs News Service | Jan 1, 2017

Money759

Former state university employee Terry Harrison, who retired in December 2016, saved $27,950 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Harrison would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Harrison received $21,409 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Harrison will have already received $43,460 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about University of Illinois at Urbana Champaign ?

Sign-up Next time we write about University of Illinois at Urbana Champaign, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

University of Illinois at Urbana Champaign

More News