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McLean County Times

Thursday, April 25, 2024

Former state university employee Moraleda paid in $157K to pension fund, could collect $1.85M in retirement

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Former state university employee Patrick Moraleda, who retired in February 2019, saved $156,710 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Moraleda would collect as much as $1.85 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Moraleda received $38,928 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Moraleda will have already received $162,861 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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