Quantcast

Chicago City Wire

Saturday, May 4, 2024

Former state university employee Prendergast paid in $4K to pension fund, could collect $94K in retirement

Shutterstock 121161052

Former state university employee Edward Prendergast, who retired in January 2018, saved $4,484 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Prendergast would collect as much as $94,404, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Prendergast received $1,984 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Prendergast will have already received $6,133 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS