Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Downing paid in $72K to pension fund, could collect $1.21M in retirement

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By Local Labs News Service | Jul 1, 2017

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Former state university employee Stephen Downing, who retired in June 2017, saved $71,914 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Downing would collect as much as $1.21 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Downing received $25,535 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Downing will have already received $78,926 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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