Former state university employee Solter paid in $190K to pension fund, could collect $4.53M in retirement

By Local Labs News Service

Feb 1, 2018

Former state university employee Philip Solter, who retired in January 2018, saved $190,256 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Solter would collect as much as $4.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Solter received $95,130 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Solter will have already received $193,114 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 Urbana Champaign

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