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Chicago City Wire

Monday, December 23, 2024

Former state university employee Saunders paid in $4K to pension fund, could collect $64K in retirement

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Former state university employee Julie Saunders, who retired in August 2016, saved $4,400 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Saunders would collect as much as $64,358, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Saunders received $1,352 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Saunders will have already received $5,658 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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