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Chicago City Wire

Sunday, September 29, 2024

Former state university employee Love paid in $7K to pension fund, could collect $128K in retirement

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Former state university employee Denise Love, who retired in December 2016, saved $7,034 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Love would collect as much as $127,808, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Love received $2,686 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Love will have already received $8,303 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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