Chicago City Wire

Chicago City Wire

Sunday, November 17, 2019

Former state university employee Foley paid in $33K to pension fund, could collect $470K in retirement

Schools

By Local Labs News Service | Feb 1, 2019

Money759

Former state university employee Carol Foley, who retired in January 2019, saved $33,164 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Foley would collect as much as $470,425, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Foley received $9,888 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Foley will have already received $41,370 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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