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Chicago City Wire

Saturday, April 20, 2024

Former state university employee Kowalsky paid in $11K to pension fund, could collect $369K in retirement

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Former state university employee Gregory Kowalsky, who retired in December 2017, saved $11,327 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kowalsky would collect as much as $369,352, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Kowalsky received $7,763 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kowalsky will have already received $15,759 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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