Chicago City Wire

Chicago City Wire

Wednesday, April 1, 2020

Former state university employee Herron paid in $11K to pension fund, could collect $146K in retirement

Schools

By Local Labs News Service | Dec 1, 2018

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Former state university employee Ruby Herron, who retired in November 2018, saved $11,000 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Herron would collect as much as $146,151, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Herron received $3,072 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Herron will have already received $12,852 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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