Former state university employee Khan paid in $15K to pension fund, could collect $694K in retirement

By Local Labs News Service

Oct 1, 2017

Former state university employee Mir Khan, who retired in September 2017, saved $15,381 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Khan would collect as much as $693,632, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Khan received $14,579 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Khan will have already received $29,595 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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