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Chicago City Wire

Friday, April 19, 2024

Former state university employee Azul paid in $13K to pension fund, could collect $190K in retirement

Money759

Former state university employee Nilda Azul, who retired in July 2016, saved $13,174 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Azul would collect as much as $189,534, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Azul received $3,983 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Azul will have already received $16,662 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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