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Chicago City Wire

Friday, November 22, 2024

Former state university employee Cirignani paid in $95K to pension fund, could collect $1.77M in retirement

Money 04

Former state university employee Denise Cirignani, who retired in January 2019, saved $94,989 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cirignani would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Cirignani received $37,116 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cirignani will have already received $114,721 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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