Quantcast

Chicago City Wire

Thursday, April 18, 2024

Former state university employee Romano paid in $196K to pension fund, could collect $2.96M in retirement

Shutterstock 450769633

Former state university employee Cecelia Romano, who retired in June 2017, saved $196,007 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Romano would collect as much as $2.96 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Romano received $62,170 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Romano will have already received $260,096 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS