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Chicago City Wire

Friday, May 3, 2024

Former state university employee Ware paid in $47K to pension fund, could collect $884K in retirement

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Former state university employee Donald Ware, who retired in July 2016, saved $46,785 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ware would collect as much as $884,034, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ware received $18,581 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ware will have already received $57,431 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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