Quantcast

Chicago City Wire

Sunday, September 29, 2024

Former state university employee Patterson paid in $9K to pension fund, could collect $127K in retirement

Shutterstock 249974521

Former state university employee Pamela Patterson, who retired in October 2016, saved $8,774 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Patterson would collect as much as $127,477, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Patterson received $2,679 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Patterson will have already received $11,207 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS