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Chicago City Wire

Thursday, April 18, 2024

Former state university employee Ortiz paid in $35K to pension fund, could collect $579K in retirement

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Former state university employee Crisologo Ortiz, who retired in January 2018, saved $35,206 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ortiz would collect as much as $579,457, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ortiz received $12,179 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ortiz will have already received $37,643 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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