Quantcast

Chicago City Wire

Friday, April 26, 2024

Former state university employee Hlinka paid in $131K to pension fund, could collect $2.43M in retirement

Money 06

Former state university employee Kenneth Hlinka, who retired in March 2019, saved $130,816 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hlinka would collect as much as $2.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Hlinka received $51,072 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hlinka will have already received $157,858 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS