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


By Local Labs News Service | Jun 1, 2016

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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.

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