Quantcast

Chambana Sun

Thursday, November 28, 2024

Former state university employee Soto paid in $42K to pension fund, could collect $1.87M in retirement

Shutterstock 373239541

Former state university employee Sixto Soto, who retired in June 2017, saved $41,855 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Soto would collect as much as $1.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Soto received $39,311 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Soto will have already received $79,801 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