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Chicago City Wire

Wednesday, April 17, 2024

Former state university employee Bordon paid in $26K to pension fund, could collect $312K in retirement

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Former state university employee Nestor Bordon, who retired in January 2019, saved $26,326 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bordon would collect as much as $311,714, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bordon received $6,552 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Bordon will have already received $27,412 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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