Quantcast

Sangamon Sun

Monday, November 25, 2024

Former state university employee Sarao paid in $86K to pension fund, could collect $1.79M in retirement

Shutterstock 434242897

Former state university employee Charlotte Sarao, who retired in January 2018, saved $86,445 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sarao would collect as much as $1.79 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sarao received $37,543 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sarao will have already received $116,041 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS