Chicago City Wire

Chicago City Wire

Thursday, February 27, 2020

Former state university employee De paid in $9K to pension fund, could collect $89K in retirement

Schools

By Local Labs News Service | Apr 1, 2019

Money759

Former state university employee Santanu De, who retired in March 2019, saved $8,623 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, De would collect as much as $89,061, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes De received $1,872 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, De will have already received $9,939 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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