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Chicago City Wire

Saturday, October 4, 2025

Former state university employee Cole paid in $51K to pension fund, could collect $1.33M in retirement

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Former state university employee Pearlean Cole, who retired in February 2018, saved $51,419 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cole would collect as much as $1.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cole received $27,872 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cole will have already received $56,580 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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