Chicago City Wire

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Former state university employee Rasheed paid in $123K to pension fund, could collect $2.3M in retirement

Schools

By Local Labs News Service | Jun 1, 2016

Money 01

Former state university employee Mikal Rasheed, who retired in May 2016, saved $123,427 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rasheed would collect as much as $2.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rasheed received $48,349 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rasheed will have already received $149,441 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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