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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Garcia Rodriguez paid in $41K to pension fund, could collect $636K in retirement

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Former state university employee Myriam Garcia Rodriguez, who retired in October 2016, saved $40,509 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Garcia Rodriguez would collect as much as $635,976, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Garcia Rodriguez received $13,367 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Garcia Rodriguez will have already received $41,316 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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