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DeKalb Times

Friday, November 22, 2024

Former state university employee Arno paid in $63K to pension fund, could collect $938K in retirement

Money 02

Former state university employee Leslie Arno, who retired in January 2018, saved $62,770 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Arno would collect as much as $937,523, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Arno received $19,706 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Arno will have already received $82,442 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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