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Chicago City Wire

Friday, July 11, 2025

Former state university employee Bonello paid in $89K to pension fund, could collect $3.96M in retirement

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Former state university employee Julius Bonello, who retired in August 2018, saved $89,498 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bonello would collect as much as $3.96 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bonello received $83,194 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bonello will have already received $168,884 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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