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Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Grueber paid in $100K to pension fund, could collect $2.9M in retirement

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Former state university employee Cynthia Grueber, who retired in February 2019, saved $99,841 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Grueber would collect as much as $2.9 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Grueber received $60,900 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Grueber will have already received $123,627 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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