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Chicago City Wire

Tuesday, April 16, 2024

Former state university employee Zambello paid in $10K to pension fund, could collect $162K in retirement

Money272

Former state university employee Steven Zambello, who retired in June 2018, saved $9,544 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Zambello would collect as much as $161,509, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Zambello received $3,394 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Zambello will have already received $10,491 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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