Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Perrero paid in $64K to pension fund, could collect $1.29M in retirement


By Local Labs News Service | May 1, 2017

Money 05

Former state university employee Daren Perrero, who retired in April 2017, saved $63,504 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Perrero would collect as much as $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Perrero received $27,151 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Perrero will have already received $83,922 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 Urbana Champaign

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