Former state university employee Sun paid in $23K to pension fund, could collect $407K in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Frank Sun, who retired in January 2016, saved $22,651 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sun would collect as much as $407,335, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sun received $8,561 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sun will have already received $26,462 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City Colleges of Chicago

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