Chicago City Wire

Chicago City Wire

Wednesday, November 20, 2019

Former state university employee Tarchala paid in $54K to pension fund, could collect $1.55M in retirement

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By Local Labs News Service | Jul 1, 2016

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Former state university employee Steve Tarchala, who retired in June 2016, saved $53,832 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tarchala would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Tarchala received $32,658 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Tarchala will have already received $66,296 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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