Chicago City Wire

Chicago City Wire

Tuesday, February 18, 2020

Former state university employee Sutton paid in $48K to pension fund, could collect $746K in retirement

Schools

By Local Labs News Service | Feb 1, 2019

Money836

Former state university employee Marcy Sutton, who retired in January 2019, saved $48,324 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sutton would collect as much as $745,601, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sutton received $15,672 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sutton will have already received $48,440 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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