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South Cook News

Thursday, April 18, 2024

Former state university employee Pratt paid in $20K to pension fund, could collect $739K in retirement

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Former state university employee Cheryl Pratt, who retired in January 2016, saved $20,219 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pratt would collect as much as $738,979, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Pratt received $15,532 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Pratt will have already received $31,530 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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