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DeKalb Times

Sunday, November 24, 2024

Former state university employee Safranek paid in $87K to pension fund, could collect $1.56M in retirement

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Former state university employee Joseph Safranek, who retired in January 2019, saved $86,624 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Safranek would collect as much as $1.56 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Safranek received $32,748 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Safranek will have already received $101,220 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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