Quantcast

Chicago City Wire

Monday, December 23, 2024

Former state university employee Perez paid in $99K to pension fund, could collect $1.52M in retirement

Money836

Former state university employee Francisco Perez, who retired in August 2016, saved $98,556 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Perez would collect as much as $1.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Perez received $32,029 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Perez will have already received $98,999 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS