Former state university employee Israel paid in $127K to pension fund, could collect $3.09M in retirement

By Local Labs News Service

Feb 1, 2018

Former state university employee Jamin Israel, who retired in January 2018, saved $127,020 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Israel would collect as much as $3.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Israel received $64,849 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Israel will have already received $131,643 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City Colleges of Chicago

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