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West Cook News

Tuesday, November 26, 2024

Former state university employee Lupo paid in $100K to pension fund, could collect $2.15M in retirement

Money 08

Former state university employee Mark Lupo, who retired in January 2018, saved $99,526 toward a pension over 35 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lupo would collect as much as $2.15 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Lupo received $45,168 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lupo will have already received $139,610 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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