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DeKalb Times

Friday, November 22, 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.

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