Former state university employee Shields Cole paid in $119K to pension fund, could collect $3.05M in retirement

By Local Labs News Service

Feb 1, 2018

Former state university employee Sara Shields Cole, who retired in January 2018, saved $119,009 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Shields Cole would collect as much as $3.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Shields Cole received $64,025 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Shields Cole will have already received $129,971 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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