Chicago City Wire

Chicago City Wire

Thursday, November 21, 2019

Former state university employee Cole paid in $107K to pension fund, could collect $1.78M in retirement

Schools

By Local Labs News Service | Feb 1, 2016

Money836

Former state university employee Susan Cole, who retired in January 2016, saved $107,272 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cole would collect as much as $1.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cole received $37,396 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cole will have already received $115,588 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about University of Illinois at Urbana Champaign ?

Sign-up Next time we write about University of Illinois at Urbana Champaign, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

University of Illinois at Urbana Champaign

More News