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West Central Reporter

Friday, April 19, 2024

Former state university employee Rossio paid in $36K to pension fund, could collect $626K in retirement

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Former state university employee Charles Rossio, who retired in May 2018, saved $36,074 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rossio would collect as much as $626,299, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Rossio received $13,164 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rossio will have already received $40,689 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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