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Lake County Gazette

Sunday, June 29, 2025

Former state university employee Riccardo paid in $13K to pension fund, could collect $222K in retirement

Money 02

Former state university employee Margaret Riccardo, who retired in June 2016, saved $12,918 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Riccardo would collect as much as $221,688, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Riccardo received $4,659 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Riccardo will have already received $14,401 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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