Lake County Gazette

Lake County Gazette

Thursday, November 14, 2019

Former state university employee Malinowski paid in $6K to pension fund, could collect $57K in retirement

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By Local Labs News Service | Nov 1, 2018

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Former state university employee John Malinowski, who retired in October 2018, saved $5,827 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Malinowski would collect as much as $56,519, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Malinowski received $1,188 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Malinowski will have already received $6,310 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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