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Chicago City Wire

Monday, November 25, 2024

Former state university employee Taylor paid in $6K to pension fund, could collect $363K in retirement

Money 01

Former state university employee Brenda Taylor, who retired in February 2017, saved $5,547 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Taylor would collect as much as $362,832, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Taylor received $7,626 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Taylor will have already received $7,626 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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