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South Cook News

Friday, December 6, 2019

Former state university employee Kostelc paid in $2K to pension fund, could collect $63K in retirement


By Local Labs News Service | Jan 1, 2018

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Former state university employee Constance Kostelc, who retired in December 2017, saved $1,535 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kostelc would collect as much as $62,799, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Kostelc received $1,320 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kostelc will have already received $2,680 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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