Former state university employee Frazier paid in $12K to pension fund, could collect $388K in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Alfred Frazier, who retired in January 2016, saved $12,374 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Frazier would collect as much as $388,238, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Frazier received $8,160 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Frazier will have already received $16,565 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City Colleges of Chicago

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