Quantcast

Sangamon Sun

Saturday, November 23, 2024

Former state university employee Mendez paid in $24K to pension fund, could collect $445K in retirement

Shutterstock 373239541

Former state university employee Abraham Mendez, who retired in June 2016, saved $23,735 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mendez would collect as much as $444,649, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Mendez received $9,346 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mendez will have already received $28,887 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