Chicago City Wire

Chicago City Wire

Monday, February 17, 2020

Former state university employee Smith paid in $113K to pension fund, could collect $2.46M in retirement


By Local Labs News Service | Jan 1, 2018

Money 01

Former state university employee Regina Smith, who retired in December 2017, saved $113,278 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $2.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Smith received $51,769 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $160,013 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 Urbana Champaign

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