Quantcast

Chicago City Wire

Sunday, November 24, 2024

Former state university employee Millsap paid in $57K to pension fund, could collect $1.09M in retirement

Money 07

Former state university employee Gregory Millsap, who retired in October 2016, saved $56,883 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Millsap would collect as much as $1.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Millsap received $22,921 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Millsap will have already received $70,847 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS