Quantcast

Chicago City Wire

Wednesday, May 1, 2024

Former state university employee Harrison paid in $16K to pension fund, could collect $251K in retirement

Money041

Former state university employee Connie Harrison, who retired in September 2018, saved $15,570 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Harrison would collect as much as $250,804, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Harrison received $5,271 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harrison will have already received $16,292 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS