Quantcast

Chicago City Wire

Sunday, May 5, 2024

Former state university employee Mollo paid in $33K to pension fund, could collect $533K in retirement

Shutterstock 65427295

Former state university employee Thomas Mollo, who retired in September 2017, saved $32,571 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mollo would collect as much as $533,259, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mollo received $11,208 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mollo will have already received $34,642 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS