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Chicago City Wire

Tuesday, December 24, 2024

Former state university employee Lyon paid in $59K to pension fund, could collect $915K in retirement

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Former state university employee Marguerite Lyon, who retired in November 2016, saved $58,922 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lyon would collect as much as $914,601, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Lyon received $19,224 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lyon will have already received $59,420 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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