Chicago City Wire

Chicago City Wire

Saturday, October 19, 2019

Former state university employee Straka paid in $35K to pension fund, could collect $1.75M in retirement


By Local Labs News Service | May 1, 2018

Former state university employee Stephen Straka, who retired in April 2018, saved $35,383 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Straka would collect as much as $1.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Straka received $36,777 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Straka will have already received $36,777 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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