Former state university employee Assenato paid in $207K to pension fund, could collect $5.35M in retirement

By Local Labs News Service

Feb 1, 2018

Former state university employee Michael Assenato, who retired in January 2018, saved $207,429 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Assenato would collect as much as $5.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Assenato received $112,437 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Assenato will have already received $228,247 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Chicago

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