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Chicago City Wire

Tuesday, November 26, 2024

Former state university employee Bruno paid in $42K to pension fund, could collect $753K in retirement

Money759

Former state university employee Annette Bruno, who retired in September 2016, saved $41,509 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bruno would collect as much as $752,721, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bruno received $15,821 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bruno will have already received $48,902 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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