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Sangamon Sun

Monday, November 25, 2024

Former state university employee Porzukowiak paid in $57K to pension fund, could collect $965K in retirement

Money 06

Former state university employee Billie Porzukowiak, who retired in July 2016, saved $56,638 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Porzukowiak would collect as much as $964,897, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Porzukowiak received $20,281 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Porzukowiak will have already received $62,686 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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