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Chicago City Wire

Saturday, April 20, 2024

Former state university employee Cadena paid in $31K to pension fund, could collect $549K in retirement

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Former state university employee Rogelio Cadena, who retired in May 2017, saved $30,964 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cadena would collect as much as $548,759, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cadena received $11,534 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cadena will have already received $35,650 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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