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Chicago City Wire

Friday, May 3, 2024

Former state university employee Robinson paid in $35K to pension fund, could collect $515K in retirement

Money272

Former state university employee Bobbie Robinson, who retired in September 2016, saved $34,566 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Robinson would collect as much as $514,876, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Robinson received $10,822 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Robinson will have already received $45,275 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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