Quantcast

Chicago City Wire

Friday, April 26, 2024

Former state university employee Ternoir paid in $2K to pension fund, could collect $34K in retirement

Money836

Former state university employee Veronica Ternoir, who retired in April 2017, saved $1,821 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ternoir would collect as much as $34,299, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ternoir received $720 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ternoir will have already received $2,226 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS