Former state university employee Pearl paid in $234K to pension fund, could collect $5.09M in retirement

By Local Labs News Service

Nov 1, 2018

Former state university employee Richard Pearl, who retired in October 2018, saved $233,854 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pearl would collect as much as $5.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Pearl received $107,088 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pearl will have already received $330,999 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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