South Cook News

South Cook News

Tuesday, February 25, 2020

Former state university employee Smith paid in $29K to pension fund, could collect $544K in retirement


By Local Labs News Service | Nov 1, 2016

Money 04

Former state university employee Patricia Smith, who retired in October 2016, saved $28,800 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $544,118, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Smith received $11,436 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $35,347 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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