Quantcast

Chicago City Wire

Wednesday, April 24, 2024

Former state university employee Martindale paid in $56K to pension fund, could collect $922K in retirement

Shutterstock 385535740

Former state university employee Michael Martindale, who retired in January 2016, saved $56,176 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martindale would collect as much as $922,148, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Martindale received $19,382 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martindale will have already received $59,907 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS