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Chicago City Wire

Friday, April 19, 2024

Former state university employee Solanki paid in $62K to pension fund, could collect $1.11M in retirement

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Former state university employee Augustine Solanki, who retired in December 2017, saved $62,315 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Solanki would collect as much as $1.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Solanki received $23,245 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Solanki will have already received $71,847 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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