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West Cook News

Wednesday, April 24, 2024

Former state university employee Krader paid in $88K to pension fund, could collect $1.5M in retirement

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Former state university employee Geoffrey Krader, who retired in June 2018, saved $88,436 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Krader would collect as much as $1.5 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Krader received $31,495 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Krader will have already received $97,348 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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