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


By Local Labs News Service | Feb 1, 2016

Shutterstock 121161052

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.

Want to get notified whenever we write about City Colleges of Chicago ?

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

Organizations in this Story

City Colleges of Chicago

More News