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Chicago City Wire

Friday, April 26, 2024

Former state university employee Struss paid in $30K to pension fund, could collect $302K in retirement

Money 07

Former state university employee Theresa Struss, who retired in March 2019, saved $29,779 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Struss would collect as much as $302,008, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Struss received $6,348 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Struss will have already received $33,700 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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