South Cook News

South Cook News

Tuesday, February 18, 2020

Former state university employee Fischer paid in $34K to pension fund, could collect $631K in retirement

Schools

By Local Labs News Service | Oct 1, 2017

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Former state university employee Mary Fischer, who retired in September 2017, saved $33,807 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fischer would collect as much as $630,850, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Fischer received $13,260 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fischer will have already received $40,986 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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