Chicago City Wire

Chicago City Wire

Wednesday, November 20, 2019

Former state university employee Neri paid in $9K to pension fund, could collect $231K in retirement

Schools

By Local Labs News Service | Jun 1, 2016

Shutterstock 434242897

Former state university employee Robert Neri, who retired in May 2016, saved $8,923 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Neri would collect as much as $231,416, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Neri received $4,864 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Neri will have already received $9,874 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about City Colleges of Chicago ?

Sign-up Next time we write about City Colleges of Chicago, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

City Colleges of Chicago

More News