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Chicago City Wire

Saturday, September 28, 2024

Former state university employee Long paid in $86K to pension fund, could collect $2.06M in retirement

Money 02

Former state university employee Pamela Long, who retired in October 2016, saved $85,888 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Long would collect as much as $2.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Long received $43,286 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Long will have already received $87,871 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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