West Cook News

West Cook News

Wednesday, April 1, 2020

Former state university employee Karasek paid in $63K to pension fund, could collect $1.55M in retirement


By West Cook News | Mar 1, 2017

Money 03

Former state university employee Geoffrey Karasek, who retired in February 2017, saved $63,476 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Karasek would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Karasek received $32,593 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Karasek will have already received $66,164 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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