Lake County Gazette

Lake County Gazette

Wednesday, December 11, 2019

Former state university employee Panza paid in $10K to pension fund, could collect $187K in retirement

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By Local Labs News Service | May 1, 2018

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Former state university employee Silvana Panza, who retired in April 2018, saved $10,019 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Panza would collect as much as $186,999, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Panza received $3,930 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Panza will have already received $12,147 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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