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Chicago City Wire

Friday, April 26, 2024

Former state university employee Jackson paid in $24K to pension fund, could collect $595K in retirement

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Former state university employee Gerald Jackson, who retired in December 2017, saved $23,682 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jackson would collect as much as $594,768, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Jackson received $12,501 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Jackson will have already received $25,377 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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