Chicago City Wire

Chicago City Wire

Tuesday, March 31, 2020

Former state university employee Feme paid in $18K to pension fund, could collect $224K in retirement


By Local Labs News Service | Feb 1, 2016

Money 08

Former state university employee Baba Feme, who retired in January 2016, saved $17,568 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Feme would collect as much as $223,943, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Feme received $4,707 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Feme will have already received $19,691 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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