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South Cook News

Wednesday, December 25, 2024

Former state university employee Janowiak paid in $107K to pension fund, could collect $2.61M in retirement

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Former state university employee Diane Janowiak, who retired in June 2016, saved $106,791 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Janowiak would collect as much as $2.61 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Janowiak received $54,762 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Janowiak will have already received $111,167 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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