Lake County Gazette

Lake County Gazette

Friday, January 17, 2020

Former state university employee Errico paid in $14K to pension fund, could collect $311K in retirement


By Local Labs News Service | Feb 1, 2016

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Former state university employee Fusayo Errico, who retired in January 2016, saved $13,770 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Errico would collect as much as $310,983, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Errico received $6,536 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Errico will have already received $20,202 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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