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Chicago City Wire

Friday, April 19, 2024

Former state university employee Bumby paid in $6K to pension fund, could collect $320K in retirement

Money 02

Former state university employee Suzan Bumby, who retired in June 2018, saved $6,310 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bumby would collect as much as $319,712, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bumby received $6,720 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Bumby will have already received $6,720 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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