Former state university employee Neal paid in $84K to pension fund, could collect $1.44M in retirement

By Local Labs News Service

Dec 1, 2016

Former state university employee Margaret Neal, who retired in November 2016, saved $83,582 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Neal would collect as much as $1.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Neal received $30,350 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Neal will have already received $93,810 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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