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Chicago City Wire

Friday, April 19, 2024

Former state university employee Williams paid in $14K to pension fund, could collect $140K in retirement

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Former state university employee Toni Williams, who retired in April 2017, saved $14,409 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $140,042, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Williams received $2,943 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Williams will have already received $15,624 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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