Chicago City Wire

Chicago City Wire

Thursday, November 21, 2019

Former state university employee Johnson paid in $61K to pension fund, could collect $2M in retirement

Schools

By Local Labs News Service | Oct 1, 2016

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Former state university employee Van Johnson, who retired in September 2016, saved $60,573 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $2 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Johnson received $42,096 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Johnson will have already received $85,455 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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