Former state university employee Cobetto paid in $66K to pension fund, could collect $1.6M in retirement

By East Central Reporter Reports

Feb 1, 2016

Former state university employee Nancy Cobetto, who retired in January 2016, saved $66,158 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cobetto would collect as much as $1.6 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Cobetto received $33,683 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cobetto will have already received $68,376 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Eastern Illinois University

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