Chicago City Wire

Chicago City Wire

Monday, January 20, 2020

Former state university employee Grossman paid in $183K to pension fund, could collect $4.91M in retirement


By Local Labs News Service | Jul 1, 2017


Former state university employee Linda Grossman, who retired in June 2017, saved $183,219 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Grossman would collect as much as $4.91 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Grossman received $103,186 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Grossman will have already received $209,468 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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