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South Cook News

Friday, December 27, 2024

Former state university employee Lagodny paid in $2K to pension fund, could collect $407K in retirement

Money 08

Former state university employee Frank Lagodny, who retired in July 2016, saved $2,030 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lagodny would collect as much as $406,592, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Lagodny received $8,546 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Lagodny will have already received $8,546 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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