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West Cook News

Monday, November 25, 2024

Former state university employee De Mayo paid in $80K to pension fund, could collect $1.89M in retirement

Money836

Former state university employee Nancy De Mayo, who retired in January 2016, saved $80,452 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, De Mayo would collect as much as $1.89 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes De Mayo received $39,645 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, De Mayo will have already received $80,479 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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