Chicago City Wire

Chicago City Wire

Saturday, February 22, 2020

Former state university employee Thakkar paid in $80K to pension fund, could collect $1.52M in retirement


By Local Labs News Service | May 1, 2018

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Former state university employee Umesh Thakkar, who retired in April 2018, saved $79,920 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thakkar would collect as much as $1.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Thakkar received $32,014 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thakkar will have already received $98,951 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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