Former state university employee Wallace paid in $82K to pension fund, could collect $1.87M in retirement

By Local Labs News Service

Apr 1, 2018

Former state university employee Beverly Wallace, who retired in March 2018, saved $82,203 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wallace would collect as much as $1.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wallace received $39,283 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wallace will have already received $121,419 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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