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Chicago City Wire

Friday, April 19, 2024

Former state university employee Pardo paid in $47K to pension fund, could collect $880K in retirement

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Former state university employee Julio Pardo, who retired in September 2016, saved $46,749 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pardo would collect as much as $880,289, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Pardo received $18,503 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pardo will have already received $57,191 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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