Chicago City Wire

Chicago City Wire

Friday, February 28, 2020

Former state university employee Chierico paid in $220K to pension fund, could collect $4.7M in retirement

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By Local Labs News Service | Feb 1, 2018

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Former state university employee Robert Chierico, who retired in January 2018, saved $220,267 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chierico would collect as much as $4.7 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Chierico received $98,762 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chierico will have already received $305,264 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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