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Chicago City Wire

Friday, December 27, 2024

Former state university employee Rhodes paid in $73K to pension fund, could collect $1.91M in retirement

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Former state university employee Sue Rhodes, who retired in March 2016, saved $72,988 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rhodes would collect as much as $1.91 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rhodes received $40,220 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rhodes will have already received $81,647 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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