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West Cook News

Saturday, November 2, 2024

Former state university employee Cao paid in $13K to pension fund, could collect $178K in retirement

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Former state university employee Hua Cao, who retired in September 2017, saved $13,121 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cao would collect as much as $177,734, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Cao received $3,735 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cao will have already received $15,625 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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