Former state university employee Russell paid in $220K to pension fund, could collect $4.06M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Myrna Russell, who retired in January 2016, saved $220,429 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Russell would collect as much as $4.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Russell received $85,299 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Russell will have already received $263,651 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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