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Chicago City Wire

Tuesday, April 23, 2024

Former state university employee Wu paid in $257K to pension fund, could collect $4.53M in retirement

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Former state university employee Jang Mei Wu, who retired in January 2019, saved $257,120 toward a pension over 38 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wu would collect as much as $4.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wu received $95,160 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wu will have already received $294,130 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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