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Chicago City Wire

Friday, May 23, 2025

Former state university employee Markan paid in $57K to pension fund, could collect $1.12M in retirement

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Former state university employee Kulbhushan Markan, who retired in January 2016, saved $57,369 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Markan would collect as much as $1.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Markan received $23,588 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Markan will have already received $72,909 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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