Chicago City Wire

Chicago City Wire

Wednesday, April 1, 2020

Former state university employee Hudson paid in $19K to pension fund, could collect $431K in retirement

Schools

By Local Labs News Service | Oct 1, 2018

Money 05

Former state university employee Fred Hudson, who retired in September 2018, saved $19,171 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hudson would collect as much as $431,467, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hudson received $9,069 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hudson will have already received $28,031 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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