Quantcast

Will County Gazette

Friday, April 19, 2024

Former state university employee Maffeo paid in $109K to pension fund, could collect $2.33M in retirement

Shutterstock 249974521

Former state university employee Mary Maffeo, who retired in January 2016, saved $108,599 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Maffeo would collect as much as $2.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Maffeo received $48,972 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Maffeo will have already received $151,367 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