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McLean County Times

Saturday, November 16, 2024

Former state university employee Reggio paid in $22K to pension fund, could collect $936K in retirement

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Former state university employee Nicholas Reggio, who retired in July 2018, saved $22,449 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reggio would collect as much as $936,198, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Reggio received $19,678 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Reggio will have already received $39,946 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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