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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Pyrtel paid in $13K to pension fund, could collect $248K in retirement

Money 03

Former state university employee Wynona Pyrtel, who retired in December 2016, saved $13,373 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pyrtel would collect as much as $247,664, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Pyrtel received $5,205 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pyrtel will have already received $16,088 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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