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Chicago City Wire

Monday, November 25, 2024

Former state university employee Ziegenhorn paid in $3K to pension fund, could collect $74K in retirement

Money041

Former state university employee Maureen Ziegenhorn, who retired in February 2017, saved $2,784 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ziegenhorn would collect as much as $73,652, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ziegenhorn received $1,548 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Ziegenhorn will have already received $3,142 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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