Former state university employee Winston paid in $55K to pension fund, could collect $1.32M in retirement

By Local Labs News Service

Jul 1, 2017

Former state university employee Michael Winston, who retired in June 2017, saved $54,602 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Winston would collect as much as $1.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Winston received $27,644 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Winston will have already received $56,117 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

University of Illinois at Urbana Champaign

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