Chicago City Wire

Chicago City Wire

Thursday, October 17, 2019

Former state university employee Osborne paid in $72K to pension fund, could collect $1.13M in retirement

Schools

By Local Labs News Service | Jan 1, 2018


Former state university employee John Osborne, who retired in December 2017, saved $71,860 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Osborne would collect as much as $1.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Osborne received $23,709 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Osborne will have already received $73,282 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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