Former state university employee Scipione paid in $90K to pension fund, could collect $1.88M in retirement

By Local Labs News Service

Feb 1, 2018

Former state university employee Anthony Scipione, who retired in January 2018, saved $90,312 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Scipione would collect as much as $1.88 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Scipione received $39,552 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scipione will have already received $122,252 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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City Colleges of Chicago

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