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Chicago City Wire

Monday, November 25, 2024

Former state university employee Hughes paid in $314K to pension fund, could collect $7.12M in retirement

Money759

Former state university employee Tonda Hughes, who retired in February 2017, saved $313,929 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hughes would collect as much as $7.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hughes received $149,604 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hughes will have already received $462,411 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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