Chicago City Wire

Chicago City Wire

Friday, April 3, 2020

Former state university employee Solomon paid in $12K to pension fund, could collect $141K in retirement

Schools

By Local Labs News Service | Nov 1, 2018

Shutterstock 434242897

Former state university employee Barbara Solomon, who retired in October 2018, saved $12,146 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Solomon would collect as much as $141,013, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Solomon received $2,964 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Solomon will have already received $12,401 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about City Colleges of Chicago ?

Sign-up Next time we write about City Colleges of Chicago, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

City Colleges of Chicago

More News