Chicago City Wire

Chicago City Wire

Monday, November 11, 2019

Former state university employee Sanchez paid in $2K to pension fund, could collect $39K in retirement

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By Local Labs News Service | May 1, 2018

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Former state university employee John Sanchez, who retired in April 2018, saved $1,849 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sanchez would collect as much as $38,610, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sanchez received $811 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sanchez will have already received $2,506 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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