Chicago City Wire

Chicago City Wire

Friday, April 3, 2020

Former state university employee Nielsen paid in $7K to pension fund, could collect $511K in retirement


By Local Labs News Service | Jan 1, 2018

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Former state university employee David Nielsen, who retired in December 2017, saved $7,218 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nielsen would collect as much as $510,959, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Nielsen received $10,740 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Nielsen will have already received $10,740 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 Urbana Champaign

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