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Chicago City Wire

Friday, April 19, 2024

Former state university employee Szoke paid in $23K to pension fund, could collect $1.62M in retirement

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Former state university employee Claire Szoke, who retired in April 2018, saved $23,279 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Szoke would collect as much as $1.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Szoke received $34,126 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Szoke will have already received $34,126 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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