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North Cook News

Friday, April 19, 2024

Former state university employee Romano paid in $29K to pension fund, could collect $486K in retirement

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Former state university employee Kathleen Romano, who retired in January 2018, saved $28,932 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Romano would collect as much as $485,982, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Romano received $10,215 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Romano will have already received $31,573 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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