Quantcast

Chicago City Wire

Thursday, April 25, 2024

Former state university employee Churlin paid in $104K to pension fund, could collect $1.8M in retirement

Money 07

Former state university employee Laurence Churlin, who retired in February 2019, saved $104,472 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Churlin would collect as much as $1.8 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Churlin received $37,752 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Churlin will have already received $116,689 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS