Quantcast

Chicago City Wire

Saturday, September 28, 2024

Former state university employee Brooks paid in $68K to pension fund, could collect $1.02M in retirement

Money 04

Former state university employee Kevin Brooks, who retired in October 2016, saved $68,448 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brooks would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Brooks received $21,535 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Brooks will have already received $90,093 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS