Former state university employee King paid in $66K to pension fund, could collect $2.26M in retirement

By Local Labs News Service

Jun 1, 2018

Former state university employee Terry King, who retired in May 2018, saved $66,151 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, King would collect as much as $2.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes King received $47,414 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, King will have already received $96,250 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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