Quantcast

Chicago City Wire

Saturday, September 28, 2024

Former state university employee Fong paid in $15K to pension fund, could collect $1.03M in retirement

Shutterstock 443523112

Former state university employee Glenn Fong, who retired in October 2016, saved $15,005 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fong would collect as much as $1.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Fong received $21,678 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Fong will have already received $21,678 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS