Chicago City Wire

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Former state university employee Paraday paid in $66K to pension fund, could collect $1.68M in retirement

Schools

By Local Labs News Service | Jul 1, 2017

Money 08

Former state university employee Lisa Paraday, who retired in June 2017, saved $66,225 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Paraday would collect as much as $1.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Paraday received $35,384 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Paraday will have already received $71,830 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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