Quantcast

Chicago City Wire

Sunday, September 29, 2024

Former state university employee Masi paid in $51K to pension fund, could collect $4.57M in retirement

Shutterstock 443523112

Former state university employee Alfonse Masi, who retired in December 2016, saved $51,325 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Masi would collect as much as $4.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Masi received $96,000 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Masi will have already received $96,000 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS