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


By Local Labs News Service | Jan 1, 2017


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.

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University of Illinois at Urbana Champaign

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