Chicago City Wire

Chicago City Wire

Thursday, November 14, 2019

Former state university employee Sacco paid in $51K to pension fund, could collect $913K in retirement

Schools

By Local Labs News Service | Aug 1, 2017

Shutterstock 443523118

Former state university employee Donna Sacco, who retired in July 2017, saved $50,684 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sacco would collect as much as $913,042, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Sacco received $19,191 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sacco will have already received $59,318 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about City Colleges of Chicago ?

Sign-up Next time we write about City Colleges of Chicago, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

City Colleges of Chicago

More News