Former state university employee Rich paid in $8K to pension fund, could collect $198K in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Sue Ellen Rich, who retired in January 2016, saved $8,423 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rich would collect as much as $198,081, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Rich received $4,163 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Rich will have already received $8,451 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

University of Illinois at Urbana Champaign

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