Chicago City Wire

Chicago City Wire

Monday, January 27, 2020

Former state university employee Ceranec paid in $149K to pension fund, could collect $2.82M in retirement

Schools

By Local Labs News Service | Oct 1, 2018

Money 03

Former state university employee Kathleen Ceranec, who retired in September 2018, saved $149,038 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ceranec would collect as much as $2.82 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ceranec received $59,304 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ceranec will have already received $183,302 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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