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West Cook News

Tuesday, November 26, 2024

Former state university employee Arellano paid in $44K to pension fund, could collect $832K in retirement

Money 04

Former state university employee Francisco Arellano, who retired in January 2018, saved $44,335 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Arellano would collect as much as $832,151, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Arellano received $17,491 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Arellano will have already received $54,063 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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