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


By Local Labs News Service | Nov 1, 2018

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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.

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