Quantcast

Chicago City Wire

Friday, April 19, 2024

Former state university employee Headley paid in $31K to pension fund, could collect $1.01M in retirement

Money836

Former state university employee Brian Headley, who retired in March 2019, saved $30,792 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Headley would collect as much as $1.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Headley received $21,300 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Headley will have already received $43,239 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS