Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Chen paid in $28K to pension fund, could collect $595K in retirement


By Local Labs News Service | Mar 1, 2017

Money 06

Former state university employee Nianhang Chen, who retired in February 2017, saved $27,710 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chen would collect as much as $594,905, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Chen received $12,504 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chen will have already received $38,648 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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