Chicago City Wire

Chicago City Wire

Wednesday, November 20, 2019

Former state university employee Crinion paid in $114K to pension fund, could collect $2.54M in retirement

Schools

By Local Labs News Service | Jun 1, 2017

Money836

Former state university employee Penelope Crinion, who retired in May 2017, saved $114,239 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Crinion would collect as much as $2.54 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Crinion received $53,394 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Crinion will have already received $165,036 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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