Chicago City Wire

Chicago City Wire

Saturday, October 19, 2019

Former state university employee Shaw paid in $17K to pension fund, could collect $240K in retirement


By Local Labs News Service | Aug 1, 2017

Former state university employee Eugene Shaw, who retired in July 2017, saved $16,799 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Shaw would collect as much as $240,179, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Shaw received $5,048 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Shaw will have already received $21,118 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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