Quantcast

Chicago City Wire

Saturday, April 20, 2024

Former state university employee Chinea Rivera paid in $28K to pension fund, could collect $1.01M in retirement

Shutterstock 434242897

Former state university employee Jesus Chinea Rivera, who retired in July 2017, saved $28,145 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chinea Rivera would collect as much as $1.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Chinea Rivera received $21,269 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Chinea Rivera will have already received $43,176 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS