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Chicago City Wire

Saturday, April 20, 2024

Former state university employee Puryear paid in $62K to pension fund, could collect $898K in retirement

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Former state university employee Terrence Puryear, who retired in May 2017, saved $61,673 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Puryear would collect as much as $898,244, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Puryear received $18,880 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Puryear will have already received $78,985 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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