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Chicago City Wire

Monday, November 25, 2024

Former state university employee Moore paid in $55K to pension fund, could collect $1.42M in retirement

Money272

Former state university employee James Moore, who retired in February 2017, saved $55,389 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Moore 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 Moore received $29,949 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Moore will have already received $60,796 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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