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Chicago City Wire

Monday, November 25, 2024

Former state university employee Whitman paid in $16K to pension fund, could collect $578K in retirement

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Former state university employee Terry Whitman, who retired in April 2016, saved $15,750 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Whitman would collect as much as $577,561, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Whitman received $12,139 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Whitman will have already received $24,642 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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