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Chicago City Wire

Wednesday, December 25, 2024

Former state university employee Teeters paid in $14K to pension fund, could collect $158K in retirement

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Former state university employee Peggy Teeters, who retired in November 2016, saved $14,454 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Teeters would collect as much as $158,414, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Teeters received $3,329 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Teeters will have already received $17,675 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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