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West Cook News

Saturday, November 2, 2024

Former state university employee Mutameni paid in $162K to pension fund, could collect $3.31M in retirement

Money 08

Former state university employee Shoeleh Mutameni, who retired in September 2017, saved $162,364 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mutameni would collect as much as $3.31 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Mutameni received $69,537 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mutameni will have already received $214,932 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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