Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Kamberelis paid in $16K to pension fund, could collect $740K in retirement


By Local Labs News Service | Jun 1, 2017

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Former state university employee George Kamberelis, who retired in May 2017, saved $16,000 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kamberelis would collect as much as $739,721, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kamberelis received $15,548 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kamberelis will have already received $31,562 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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