Quantcast

Metro East Sun

Monday, November 25, 2024

Former state university employee Mafla paid in $45K to pension fund, could collect $665K in retirement

Money 04

Former state university employee Joji Mafla, who retired in October 2018, saved $45,473 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mafla would collect as much as $664,533, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Mafla received $13,968 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mafla will have already received $58,438 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