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Chicago City Wire

Friday, December 27, 2024

Former state university employee King paid in $72K to pension fund, could collect $1.57M in retirement

Money836

Former state university employee Lorene King, who retired in November 2016, saved $71,566 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, King would collect as much as $1.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes King received $33,101 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, King will have already received $102,312 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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