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Chicago City Wire

Monday, November 25, 2024

Former state university employee Brakman paid in $72K to pension fund, could collect $1.26M in retirement

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Former state university employee Carl Brakman, who retired in April 2016, saved $71,691 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brakman would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Brakman received $26,538 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brakman will have already received $82,026 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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