Chicago City Wire

Chicago City Wire

Monday, November 11, 2019

Former state university employee Zak paid in $35K to pension fund, could collect $655K in retirement

Schools

By Local Labs News Service | Jun 1, 2016

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Former state university employee Charles Zak, who retired in May 2016, saved $34,968 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Zak would collect as much as $654,582, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Zak received $13,758 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Zak will have already received $42,525 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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