Chicago City Wire

Chicago City Wire

Friday, April 3, 2020

Former state university employee Pernell paid in $16K to pension fund, could collect $196K in retirement


By Local Labs News Service | Nov 1, 2018

Shutterstock 469426916

Former state university employee Oscar Pernell, who retired in October 2018, saved $15,622 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pernell would collect as much as $195,820, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Pernell received $4,116 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Pernell will have already received $17,218 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