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Sangamon Sun

Friday, November 22, 2024

Former state university employee Stojanovich paid in $89K to pension fund, could collect $1.23M in retirement

Money272

Former state university employee Martin Stojanovich, who retired in December 2018, saved $89,127 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stojanovich would collect as much as $1.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Stojanovich received $25,788 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Stojanovich will have already received $107,889 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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