Chicago City Wire

Chicago City Wire

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Former state university employee Davis paid in $62K to pension fund, could collect $1.56M in retirement

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By Local Labs News Service | Jun 1, 2018

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Former state university employee Gwendolyn Davis, who retired in May 2018, saved $62,327 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Davis would collect as much as $1.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Davis received $32,810 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Davis will have already received $66,604 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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