Former state university employee Sawyer paid in $37K to pension fund, could collect $539K in retirement

By Local Labs News Service

Feb 1, 2018

Former state university employee Melvin Sawyer, who retired in January 2018, saved $37,332 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sawyer would collect as much as $538,934, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sawyer received $11,328 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Sawyer will have already received $47,393 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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