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West Cook News

Friday, November 22, 2024

Former state university employee Salazar paid in $1K to pension fund, could collect $74K in retirement

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Former state university employee Barbara Salazar, who retired in April 2016, saved $1,322 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Salazar would collect as much as $74,143, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Salazar received $1,558 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Salazar will have already received $1,558 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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