Quantcast

DeKalb Times

Friday, November 22, 2024

Former state university employee Chiavini paid in $118K to pension fund, could collect $2M in retirement

Shutterstock 434242897

Former state university employee Laura Chiavini, who retired in May 2018, saved $118,096 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chiavini would collect as much as $2 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Chiavini received $41,943 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chiavini will have already received $129,641 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS