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Chicago City Wire

Sunday, November 24, 2024

Former state university employee Horton paid in $25K to pension fund, could collect $726K in retirement

Money 06

Former state university employee Willie Horton, who retired in October 2016, saved $24,566 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Horton would collect as much as $725,506, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Horton received $15,249 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Horton will have already received $30,955 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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