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West Cook News

Tuesday, April 16, 2024

Former state university employee Sedlacek paid in $675 to pension fund, could collect $43K in retirement

Money 03

Former state university employee George Sedlacek, who retired in February 2019, saved $675 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sedlacek would collect as much as $42,817, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Sedlacek received $900 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Sedlacek will have already received $900 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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