Quantcast

Peoria Standard

Friday, November 22, 2024

Former state university employee Scarano paid in $50K to pension fund, could collect $974K in retirement

Shutterstock 469426916

Former state university employee Deborah Scarano, who retired in June 2017, saved $50,007 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Scarano would collect as much as $973,609, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Scarano received $20,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scarano will have already received $63,252 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS