Chicago City Wire

Chicago City Wire

Saturday, March 28, 2020

Former state university employee Banks paid in $58K to pension fund, could collect $1.55M in retirement


By Local Labs News Service | Feb 1, 2016

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Former state university employee Denise Banks, who retired in January 2016, saved $58,305 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Banks would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Banks received $32,615 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Banks will have already received $66,208 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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