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Chicago City Wire

Friday, December 27, 2024

Former state university employee Williams paid in $97K to pension fund, could collect $2.57M in retirement

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Former state university employee Linda Williams, who retired in March 2016, saved $97,439 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $2.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Williams received $54,093 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Williams will have already received $109,809 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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