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Chicago City Wire

Monday, November 25, 2024

Former state university employee Pickert paid in $45K to pension fund, could collect $906K in retirement

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Former state university employee Diane Pickert, who retired in October 2016, saved $45,184 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pickert would collect as much as $905,638, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Pickert received $19,035 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pickert will have already received $58,835 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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