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Chicago City Wire

Sunday, May 5, 2024

Former state university employee Queen paid in $44K to pension fund, could collect $954K in retirement

Money 06

Former state university employee Darlene Queen, who retired in September 2017, saved $44,392 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Queen would collect as much as $953,879, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Queen received $20,049 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Queen will have already received $61,969 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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