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Former state university employee Smith paid in $20K to pension fund, could collect $326K in retirement

Schools

By Local Labs News Service | Feb 1, 2016

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Former state university employee Angela Smith, who retired in January 2016, saved $20,146 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $325,604, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Smith received $6,843 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $21,150 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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