Former state university employee Joseph paid in $173K to pension fund, could collect $2.68M in retirement

By Local Labs News Service

Nov 1, 2018

Former state university employee Pushpa Joseph, who retired in October 2018, saved $172,854 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Joseph would collect as much as $2.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Joseph received $56,400 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Joseph will have already received $174,327 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University Illinois of Chicago

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