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West Cook News

Tuesday, April 23, 2024

Former state university employee Parise paid in $137K to pension fund, could collect $2.25M in retirement

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Former state university employee Patricia Parise, who retired in January 2019, saved $136,996 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Parise would collect as much as $2.25 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Parise received $47,352 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Parise will have already received $146,361 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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