Chicago City Wire

Chicago City Wire

Friday, November 22, 2019

Former state university employee Hamilton paid in $88K to pension fund, could collect $1.15M in retirement

Schools

By Local Labs News Service | Feb 1, 2019

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Former state university employee Marie Hamilton, who retired in January 2019, saved $88,374 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hamilton would collect as much as $1.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hamilton received $24,108 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hamilton will have already received $100,858 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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