Quantcast

DeKalb Times

Friday, November 22, 2024

Former state university employee Nowacki paid in $43K to pension fund, could collect $698K in retirement

Money 03

Former state university employee Roman Nowacki, who retired in June 2016, saved $43,229 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nowacki would collect as much as $697,611, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Nowacki received $14,663 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nowacki will have already received $45,322 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS