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South Cook News

Friday, April 26, 2024

Former state university employee Tysiak paid in $25K to pension fund, could collect $446K in retirement

Money 08

Former state university employee James Tysiak, who retired in January 2018, saved $24,686 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tysiak would collect as much as $446,230, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Tysiak received $9,379 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tysiak will have already received $28,989 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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