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Chicago City Wire

Sunday, June 2, 2024

Former state university employee Arnold paid in $15K to pension fund, could collect $132K in retirement

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Former state university employee Scott Arnold, who retired in July 2016, saved $15,195 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Arnold would collect as much as $132,227, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Arnold received $2,779 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Arnold will have already received $17,973 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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