Dupage Policy Journal

Dupage Policy Journal

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Former state university employee Chu paid in $247K to pension fund, could collect $5.64M in retirement

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By Local Labs News Service | Sep 1, 2016

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Former state university employee David Chu, who retired in August 2016, saved $246,805 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chu would collect as much as $5.64 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Chu received $118,576 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chu will have already received $366,506 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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