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Chicago City Wire

Friday, April 19, 2024

Former state university employee Stein paid in $121K to pension fund, could collect $2.94M in retirement

Money 06

Former state university employee Anita Stein, who retired in October 2016, saved $121,418 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stein would collect as much as $2.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Stein received $61,737 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Stein will have already received $125,326 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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