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Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Martin paid in $59K to pension fund, could collect $1.15M in retirement

Money 05

Former state university employee Mary Martin, who retired in January 2016, saved $58,684 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martin would collect as much as $1.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Martin received $24,234 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martin will have already received $74,905 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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