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Sangamon Sun

Thursday, November 21, 2024

Former state university employee Perez paid in $21K to pension fund, could collect $328K in retirement

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Former state university employee Isidro Perez, who retired in March 2019, saved $21,150 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Perez would collect as much as $328,270, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Perez received $6,900 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Perez will have already received $21,327 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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