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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Gurke paid in $27K to pension fund, could collect $456K in retirement

Money 07

Former state university employee Jill Gurke, who retired in December 2016, saved $26,678 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gurke would collect as much as $455,981, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Gurke received $9,584 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gurke will have already received $29,624 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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