Chicago City Wire

Chicago City Wire

Tuesday, March 31, 2020

Former state university employee Matthews paid in $16K to pension fund, could collect $302K in retirement

Schools

By Local Labs News Service | Feb 1, 2016

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Former state university employee Earnestine Matthews, who retired in January 2016, saved $16,361 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Matthews would collect as much as $302,277, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Matthews received $6,353 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Matthews will have already received $19,637 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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