Chicago City Wire

Chicago City Wire

Monday, November 18, 2019

Former state university employee Padilla paid in $72K to pension fund, could collect $1.47M in retirement


By Local Labs News Service | Apr 1, 2018

Money 07

Former state university employee Olga Padilla, who retired in March 2018, saved $71,876 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Padilla would collect as much as $1.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Padilla received $30,970 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Padilla will have already received $95,725 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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