Will County Gazette

Will County Gazette

Sunday, February 23, 2020

Former state university employee Larranaga paid in $41K to pension fund, could collect $619K in retirement


By Local Labs News Service | May 1, 2016

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Former state university employee Patricia Larranaga, who retired in April 2016, saved $41,252 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Larranaga would collect as much as $619,100, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Larranaga received $13,013 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Larranaga will have already received $54,440 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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