Tuesday, January 21, 2020

Former state university employee Olshansky paid in $201K to pension fund, could collect $4.17M in retirement

By Local Labs News Service | Oct 1, 2018

Money041

Former state university employee Robert Olshansky, who retired in September 2018, saved $201,189 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Olshansky would collect as much as $4.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Olshansky received $87,552 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Olshansky will have already received $270,615 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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