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South Cook News

Tuesday, April 23, 2024

Former state university employee Kolasinski paid in $2K to pension fund, could collect $67K in retirement

Money 01

Former state university employee Mary Kolasinski, who retired in March 2018, saved $1,519 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kolasinski would collect as much as $66,795, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Kolasinski received $1,404 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kolasinski will have already received $2,850 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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