Quantcast

South Cook News

Friday, April 26, 2024

Former state university employee Sakanis paid in $72K to pension fund, could collect $1.47M in retirement

Shutterstock 373239541

Former state university employee Rose Sakanis, who retired in July 2017, saved $72,178 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sakanis would collect as much as $1.47 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Sakanis received $30,805 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sakanis will have already received $95,215 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS