Quantcast

Chicago City Wire

Monday, December 23, 2024

Former state university employee Nelson paid in $55K to pension fund, could collect $988K in retirement

Money 04

Former state university employee Dan Nelson, who retired in August 2016, saved $54,642 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nelson would collect as much as $987,585, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Nelson received $20,758 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nelson will have already received $64,161 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS