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Chicago City Wire

Thursday, July 31, 2025

Former state university employee Noel paid in $103K to pension fund, could collect $2.16M in retirement

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Former state university employee Eric Noel, who retired in August 2016, saved $103,270 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Noel would collect as much as $2.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Noel received $45,322 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Noel will have already received $140,086 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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