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Chicago City Wire

Friday, November 22, 2024

Former state university employee Gleiss paid in $116K to pension fund, could collect $2.18M in retirement

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Former state university employee Katherine Gleiss, who retired in February 2019, saved $116,492 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gleiss would collect as much as $2.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gleiss received $45,900 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gleiss will have already received $141,872 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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