Quantcast

South Cook News

Thursday, April 25, 2024

Former state university employee Ailey paid in $8K to pension fund, could collect $125K in retirement

Shutterstock 121161052

Former state university employee John Ailey, who retired in January 2018, saved $7,748 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ailey would collect as much as $124,953, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Ailey received $2,626 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ailey will have already received $8,117 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS