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South Cook News

Tuesday, April 16, 2024

Former state university employee Sterkowitz paid in $243K to pension fund, could collect $6.1M in retirement

Money 04

Former state university employee Robert Sterkowitz, who retired in July 2018, saved $243,283 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sterkowitz would collect as much as $6.1 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Sterkowitz received $128,117 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sterkowitz will have already received $260,078 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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