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Metro East Sun

Friday, November 22, 2024

Former state university employee Fedorchak paid in $35K to pension fund, could collect $691K in retirement

Money 01

Former state university employee Ronald Fedorchak, who retired in January 2016, saved $34,748 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fedorchak would collect as much as $690,943, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Fedorchak received $14,523 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Fedorchak will have already received $44,890 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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