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Chicago City Wire

Friday, November 22, 2024

Former state university employee Perez paid in $15K to pension fund, could collect $701K in retirement

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Former state university employee Alejandro Perez, who retired in January 2019, saved $14,913 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Perez would collect as much as $701,071, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Perez received $14,736 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Perez will have already received $29,914 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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