Chicago City Wire

Chicago City Wire

Thursday, January 23, 2020

Former state university employee Fischer paid in $351K to pension fund, could collect $9.18M in retirement

Schools

By Local Labs News Service | Apr 1, 2017

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Former state university employee James Fischer, who retired in March 2017, saved $351,299 toward a pension over 36 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fischer would collect as much as $9.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Fischer received $192,893 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Fischer will have already received $391,573 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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