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Sangamon Sun

Monday, December 23, 2024

Former state university employee Chesko paid in $10K to pension fund, could collect $687K in retirement

Money 04

Former state university employee David Chesko, who retired in January 2016, saved $10,289 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chesko would collect as much as $687,375, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Chesko received $14,448 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Chesko will have already received $14,448 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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