Chicago City Wire

Chicago City Wire

Thursday, November 21, 2019

Former state university employee Johnson paid in $73K to pension fund, could collect $1.6M in retirement


By Local Labs News Service | Oct 1, 2017

Shutterstock 450769633

Former state university employee Diane Johnson, who retired in September 2017, saved $73,349 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $1.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Johnson received $33,721 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $104,229 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about Northeastern Illinois University ?

Sign-up Next time we write about Northeastern Illinois University, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Northeastern Illinois University

More News