Quantcast

Chicago City Wire

Friday, April 19, 2024

Former state university employee Chin paid in $145K to pension fund, could collect $2.67M in retirement

Shutterstock 469426916

Former state university employee Siew Ben Chin, who retired in August 2018, saved $145,224 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chin would collect as much as $2.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Chin received $56,112 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chin will have already received $173,436 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS