Chicago City Wire

Chicago City Wire

Wednesday, November 13, 2019

Former state university employee Thomas paid in $304K to pension fund, could collect $7.21M in retirement

Schools

By Local Labs News Service | Feb 1, 2016

Money 05

Former state university employee Brian Thomas, who retired in January 2016, saved $303,928 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thomas would collect as much as $7.21 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Thomas received $151,535 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Thomas will have already received $307,616 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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