Chicago City Wire

Chicago City Wire

Monday, November 18, 2019

Former state university employee Haynes paid in $62K to pension fund, could collect $1.05M in retirement

Schools

By Local Labs News Service | Jan 1, 2019

Money836

Former state university employee Evelyn Haynes, who retired in December 2018, saved $61,695 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Haynes would collect as much as $1.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Haynes received $22,056 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Haynes will have already received $68,174 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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