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McLean County Times

Tuesday, November 26, 2024

Former state university employee Perez paid in $90K to pension fund, could collect $3.4M in retirement

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Former state university employee Louis Perez, who retired in January 2016, saved $89,788 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Perez would collect as much as $3.4 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Perez received $71,426 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Perez will have already received $144,995 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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