Chicago City Wire

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Monday, January 20, 2020

Former state university employee Nazimuddin paid in $12K to pension fund, could collect $526K in retirement

Schools

By Local Labs News Service | Feb 1, 2018

Money 03

Former state university employee Khaja Nazimuddin, who retired in January 2018, saved $11,544 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nazimuddin would collect as much as $526,385, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Nazimuddin received $11,064 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Nazimuddin will have already received $22,460 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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