Quantcast

Chicago City Wire

Wednesday, April 17, 2024

Former state university employee Carrillo paid in $120K to pension fund, could collect $2.85M in retirement

Shutterstock 113962678

Former state university employee Keith Carrillo, who retired in January 2016, saved $120,322 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carrillo would collect as much as $2.85 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Carrillo received $59,877 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Carrillo will have already received $121,550 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS