Chicago City Wire

Chicago City Wire

Sunday, October 13, 2019

Former state university employee Cromwell paid in $57K to pension fund, could collect $957K in retirement

Schools

By Local Labs News Service | May 1, 2018


Former state university employee Elizabeth Cromwell, who retired in April 2018, saved $56,578 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cromwell would collect as much as $956,888, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cromwell received $20,113 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cromwell will have already received $62,166 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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