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Chicago City Wire

Wednesday, May 1, 2024

Former state university employee Pietrzak paid in $56K to pension fund, could collect $1.17M in retirement

Money 02

Former state university employee Michael Pietrzak, who retired in March 2016, saved $55,715 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pietrzak would collect as much as $1.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Pietrzak received $24,535 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pietrzak will have already received $75,835 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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