Chicago City Wire

Chicago City Wire

Friday, November 15, 2019

Former state university employee Martin paid in $50K to pension fund, could collect $732K in retirement

Schools

By Local Labs News Service | Nov 1, 2018

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Former state university employee Carol Martin, who retired in October 2018, saved $49,616 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martin would collect as much as $731,900, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Martin received $15,384 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Martin will have already received $64,362 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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