Quantcast

West Cook News

Saturday, November 2, 2024

Former state university employee Palermo paid in $15K to pension fund, could collect $355K in retirement

Money 05

Former state university employee Eileen Palermo, who retired in January 2018, saved $14,856 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Palermo would collect as much as $354,731, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Palermo received $7,456 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Palermo will have already received $15,136 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