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Chicago City Wire

Friday, May 30, 2025

Former state university employee Bonarek paid in $76K to pension fund, could collect $1.35M in retirement

Money041

Former state university employee Michael Bonarek, who retired in June 2018, saved $76,021 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bonarek would collect as much as $1.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Bonarek received $28,436 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bonarek will have already received $87,893 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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