Chicago City Wire

Chicago City Wire

Wednesday, November 20, 2019

Former state university employee Courtney paid in $108K to pension fund, could collect $1.55M in retirement

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By Local Labs News Service | Aug 1, 2018

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Former state university employee Carol Courtney, who retired in July 2018, saved $108,280 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Courtney would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Courtney received $32,534 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Courtney will have already received $136,109 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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