Chicago City Wire

Chicago City Wire

Saturday, March 28, 2020

Former state university employee Bankston paid in $89K to pension fund, could collect $1.49M in retirement


By Local Labs News Service | Oct 1, 2018

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Former state university employee Clotenia Bankston, who retired in September 2018, saved $88,699 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bankston would collect as much as $1.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bankston received $31,214 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bankston will have already received $96,479 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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