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Chicago City Wire

Sunday, November 24, 2024

Former state university employee Robertson paid in $5K to pension fund, could collect $75K in retirement

Money 03

Former state university employee Idella Robertson, who retired in October 2016, saved $4,894 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Robertson would collect as much as $75,256, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Robertson received $1,581 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Robertson will have already received $6,613 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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