Chicago City Wire

Chicago City Wire

Saturday, February 22, 2020

Former state university employee Molden paid in $114K to pension fund, could collect $2.06M in retirement

Schools

By Local Labs News Service | Apr 1, 2019

Money041

Former state university employee Jeanette Molden, who retired in March 2019, saved $113,786 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Molden would collect as much as $2.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Molden received $43,200 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Molden will have already received $133,527 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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