McHenry Times

McHenry Times

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Former state university employee Scarano paid in $50K to pension fund, could collect $974K in retirement

Schools

By Local Labs News Service | Jul 1, 2017

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Former state university employee Deborah Scarano, who retired in June 2017, saved $50,007 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Scarano would collect as much as $973,609, according to a projection by Local Government Information Services (LGIS), which publishes McHenry Times.

The projection assumes Scarano received $20,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scarano will have already received $63,252 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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