Quantcast

West Cook News

Tuesday, April 16, 2024

Former state university employee Soto paid in $88K to pension fund, could collect $1.68M in retirement

Shutterstock 267646277

Former state university employee Martin Soto, who retired in April 2018, saved $88,107 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Soto would collect as much as $1.68 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Soto received $35,361 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Soto will have already received $109,298 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