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Chicago City Wire

Thursday, April 18, 2024

Former state university employee Clark paid in $92K to pension fund, could collect $1.44M in retirement

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Former state university employee Mary Clark, who retired in April 2018, saved $91,631 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clark would collect as much as $1.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Clark received $30,215 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clark will have already received $93,391 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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