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Chicago City Wire

Friday, April 26, 2024

Former state university employee Moore paid in $70K to pension fund, could collect $1.45M in retirement

Money041

Former state university employee Renita Moore, who retired in August 2017, saved $69,767 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Moore would collect as much as $1.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Moore received $30,582 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Moore will have already received $94,525 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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