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Chambana Sun

Monday, November 25, 2024

Former state university employee Benitez paid in $27K to pension fund, could collect $624K in retirement

Money 07

Former state university employee Milagros Benitez, who retired in October 2018, saved $26,501 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Benitez would collect as much as $623,662, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Benitez received $13,108 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Benitez will have already received $26,609 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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