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Chicago City Wire

Sunday, November 24, 2024

Former state university employee Montgomery paid in $28K to pension fund, could collect $553K in retirement

Money836

Former state university employee Preston Montgomery, who retired in October 2016, saved $27,523 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Montgomery would collect as much as $553,303, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Montgomery received $11,630 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Montgomery will have already received $35,947 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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