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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Wynn paid in $60K to pension fund, could collect $1.01M in retirement

Money 08

Former state university employee Verilillian Wynn, who retired in December 2016, saved $60,226 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wynn would collect as much as $1.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Wynn received $21,143 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wynn will have already received $65,350 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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