Chicago City Wire

Chicago City Wire

Friday, April 3, 2020

Former state university employee Jackson paid in $51K to pension fund, could collect $937K in retirement


By Local Labs News Service | Nov 1, 2018

Money 02

Former state university employee Charlotte Jackson, who retired in October 2018, saved $51,220 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jackson would collect as much as $937,425, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Jackson received $19,704 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jackson will have already received $60,903 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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