Former state university employee Matthews paid in $105K to pension fund, could collect $2.23M in retirement

By Local Labs News Service

Feb 1, 2018

Former state university employee Cheryl Matthews, who retired in January 2018, saved $104,715 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Matthews would collect as much as $2.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Matthews received $46,952 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Matthews will have already received $145,125 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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