Chicago City Wire

Chicago City Wire

Saturday, December 14, 2019

Former state university employee Golz paid in $71K to pension fund, could collect $1.09M in retirement


By Local Labs News Service | Jan 1, 2018


Former state university employee Thomas Golz, who retired in December 2017, saved $70,944 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Golz would collect as much as $1.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Golz received $22,976 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Golz will have already received $71,016 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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