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South Cook News

Wednesday, May 8, 2024

Former state university employee Van Auken paid in $233 to pension fund, could collect $234K in retirement

Money 06

Former state university employee Bruce Van Auken, who retired in June 2017, saved $233 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Van Auken would collect as much as $233,677, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Van Auken received $4,911 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Van Auken will have already received $4,911 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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