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Kane County Reporter

Friday, April 26, 2024

Former state university employee Clemente paid in $35K to pension fund, could collect $510K in retirement

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Former state university employee Alexander Clemente, who retired in January 2016, saved $34,543 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clemente would collect as much as $510,314, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Clemente received $10,726 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Clemente will have already received $44,873 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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