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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Wilson paid in $107K to pension fund, could collect $1.81M in retirement

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Former state university employee Michael Wilson, who retired in October 2016, saved $106,993 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wilson would collect as much as $1.81 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wilson received $37,992 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wilson will have already received $117,430 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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