Former state university employee Tozer paid in $306K to pension fund, could collect $7.44M in retirement

By Local Labs News Service

Oct 1, 2018

Former state university employee Steven Tozer, who retired in September 2018, saved $305,926 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tozer would collect as much as $7.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Tozer received $156,324 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Tozer will have already received $317,338 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 Chicago

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