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Chicago City Wire

Monday, November 25, 2024

Former state university employee Such paid in $9K to pension fund, could collect $262K in retirement

Money 07

Former state university employee Roseann Such, who retired in February 2017, saved $8,831 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Such would collect as much as $261,914, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Such received $5,505 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Such will have already received $11,175 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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