Chicago City Wire

Chicago City Wire

Monday, November 18, 2019

Former state university employee Boyd paid in $9K to pension fund, could collect $189K in retirement


By Local Labs News Service | May 1, 2016

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Former state university employee Jenal Boyd, who retired in April 2016, saved $8,839 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Boyd would collect as much as $188,969, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Boyd received $3,972 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Boyd will have already received $12,277 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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