Quantcast

Chicago City Wire

Friday, April 19, 2024

Former state university employee Elliott paid in $95K to pension fund, could collect $1.11M in retirement

Money 04

Former state university employee Jeanne Elliott, who retired in August 2018, saved $95,396 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Elliott would collect as much as $1.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Elliott received $23,274 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Elliott will have already received $97,369 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS