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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Migone paid in $218K to pension fund, could collect $5.05M in retirement

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Former state university employee Aldo Migone, who retired in October 2017, saved $217,628 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Migone would collect as much as $5.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Migone received $106,184 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Migone will have already received $328,205 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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