Quantcast

DeKalb Times

Thursday, April 25, 2024

Former state university employee Arno paid in $23K to pension fund, could collect $346K in retirement

Money 08

Former state university employee Mark Arno, who retired in September 2016, saved $22,830 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Arno would collect as much as $346,271, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Arno received $7,278 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Arno will have already received $30,448 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