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North Cook News

Friday, November 22, 2024

Former state university employee Denotto paid in $200K to pension fund, could collect $5.12M in retirement

Money 08

Former state university employee Mary Denotto, who retired in January 2016, saved $199,593 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Denotto would collect as much as $5.12 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Denotto received $107,568 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Denotto will have already received $218,363 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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