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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Novsek paid in $114 to pension fund, could collect $6K in retirement

Money759

Former state university employee Joseph Novsek, who retired in July 2018, saved $114 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Novsek would collect as much as $5,709, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Novsek received $120 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Novsek will have already received $120 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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