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Chicago City Wire

Tuesday, November 26, 2024

Former state university employee Guidone paid in $27K to pension fund, could collect $1.35M in retirement

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Former state university employee Jean Guidone, who retired in February 2017, saved $26,985 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Guidone would collect as much as $1.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Guidone received $28,463 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Guidone will have already received $28,463 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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