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Chicago City Wire

Saturday, April 20, 2024

Former state university employee Sims paid in $59K to pension fund, could collect $1.42M in retirement

Money 08

Former state university employee Karen Sims, who retired in December 2017, saved $58,613 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sims would collect as much as $1.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sims received $29,940 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sims will have already received $60,778 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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