Former state university employee Mlakar paid in $193K to pension fund, could collect $4.87M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Edward Mlakar, who retired in January 2016, saved $193,057 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mlakar would collect as much as $4.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Mlakar received $102,287 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Mlakar will have already received $207,643 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Chicago State University

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