Former state university employee Ferrero paid in $65K to pension fund, could collect $2.13M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Nancy Ferrero, who retired in January 2016, saved $64,784 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ferrero would collect as much as $2.13 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Ferrero received $44,822 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Ferrero will have already received $90,989 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

Illinois State University

!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