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Chicago City Wire

Tuesday, April 23, 2024

Former state university employee Urban paid in $9K to pension fund, could collect $153K in retirement

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Former state university employee James Urban, who retired in April 2018, saved $9,335 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Urban would collect as much as $152,814, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Urban received $3,212 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Urban will have already received $9,927 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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