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Chicago City Wire

Monday, November 25, 2024

Former state university employee Miller paid in $3K to pension fund, could collect $127K in retirement

Money272

Former state university employee Glen Miller, who retired in April 2016, saved $3,130 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $127,443, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Miller received $2,678 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Miller will have already received $5,436 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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