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Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Patay paid in $123K to pension fund, could collect $2.64M in retirement

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Former state university employee Heather Patay, who retired in January 2018, saved $122,889 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Patay would collect as much as $2.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Patay received $55,536 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Patay will have already received $171,656 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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