Former state university employee Maxwell paid in $3K to pension fund, could collect $561K in retirement

By Local Labs News Service

Feb 1, 2019

Former state university employee Diane Maxwell, who retired in January 2019, saved $3,209 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Maxwell would collect as much as $560,794, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Maxwell received $11,787 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Maxwell will have already received $11,787 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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