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Chicago City Wire

Friday, April 19, 2024

Former state university employee Martell paid in $31K to pension fund, could collect $543K in retirement

Money 07

Former state university employee Ana Martell, who retired in August 2018, saved $31,373 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martell would collect as much as $542,765, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Martell received $11,408 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martell will have already received $35,261 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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