Quantcast

Sangamon Sun

Sunday, December 22, 2024

Former state university employee Zawacke paid in $15K to pension fund, could collect $286K in retirement

Money836

Former state university employee Michael Zawacke, who retired in January 2019, saved $15,402 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Zawacke would collect as much as $286,023, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Zawacke received $6,012 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Zawacke will have already received $18,582 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS