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Chicago City Wire

Saturday, May 18, 2024

Former state university employee Verni paid in $26K to pension fund, could collect $325K in retirement

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Former state university employee Craig Verni, who retired in April 2016, saved $26,398 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Verni would collect as much as $324,576, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Verni received $6,822 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Verni will have already received $28,542 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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