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Chicago City Wire

Tuesday, April 16, 2024

Former state university employee Mederos paid in $11K to pension fund, could collect $174K in retirement

Money 03

Former state university employee Silvana Mederos, who retired in March 2018, saved $11,059 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mederos would collect as much as $174,440, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mederos received $3,666 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mederos will have already received $11,331 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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