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South Cook News

Wednesday, December 25, 2024

Former state university employee Di Clemente paid in $5K to pension fund, could collect $1.02M in retirement

Money 08

Former state university employee Rebecca Di Clemente, who retired in June 2016, saved $5,441 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Di Clemente would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Di Clemente received $21,423 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Di Clemente will have already received $21,423 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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