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South Cook News

Monday, December 23, 2024

Former state university employee Beno paid in $213K to pension fund, could collect $4.13M in retirement

Money 02

Former state university employee Marybeth Beno, who retired in January 2019, saved $212,867 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Beno would collect as much as $4.13 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Beno received $86,784 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Beno will have already received $268,242 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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