Chicago City Wire

Chicago City Wire

Wednesday, November 13, 2019

Former state university employee Kukreja paid in $301K to pension fund, could collect $5.89M in retirement

Schools

By Local Labs News Service | May 1, 2018

Money 06

Former state university employee Subhash Kukreja, who retired in April 2018, saved $300,932 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kukreja would collect as much as $5.89 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kukreja received $123,748 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kukreja will have already received $382,492 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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