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Chicago City Wire

Saturday, April 19, 2025

Former state university employee Cross paid in $2K to pension fund, could collect $32K in retirement

Money 06

Former state university employee Wallace Cross, who retired in April 2017, saved $1,925 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cross would collect as much as $32,330, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cross received $679 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cross will have already received $2,098 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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