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Sangamon Sun

Monday, November 25, 2024

Former state university employee Nowakowski paid in $191K to pension fund, could collect $4.05M in retirement

Money 03

Former state university employee Susan Nowakowski, who retired in November 2018, saved $190,690 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nowakowski would collect as much as $4.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Nowakowski received $85,104 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nowakowski will have already received $263,048 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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