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West Cook News

Thursday, April 25, 2024

Former state university employee Varga paid in $88K to pension fund, could collect $3.24M in retirement

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Former state university employee Patricia Varga, who retired in September 2017, saved $87,653 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Varga would collect as much as $3.24 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Varga received $68,158 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Varga will have already received $138,361 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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