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South Cook News

Wednesday, February 26, 2020

Former state university employee Nilsson paid in $21K to pension fund, could collect $446K in retirement


By Local Labs News Service | Feb 1, 2016

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Former state university employee Norman Nilsson, who retired in January 2016, saved $21,430 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nilsson would collect as much as $445,505, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Nilsson received $9,364 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nilsson will have already received $28,943 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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