South Cook News

South Cook News

Tuesday, December 10, 2019

Former state university employee Sutko paid in $52K to pension fund, could collect $819K in retirement

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By Local Labs News Service | Mar 1, 2019

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Former state university employee Michele Sutko, who retired in February 2019, saved $51,614 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sutko would collect as much as $819,248, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Sutko received $17,220 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sutko will have already received $53,226 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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