Lake County Gazette

Lake County Gazette

Friday, November 22, 2019

Former state university employee Novak paid in $7K to pension fund, could collect $97K in retirement

Schools

By Local Labs News Service | Jan 1, 2018

Shutterstock 373239541

Former state university employee Kenneth Novak, who retired in December 2017, saved $6,918 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Novak would collect as much as $96,774, according to a projection by Local Government Information Services (LGIS), which publishes Lake County Gazette.

The projection assumes Novak received $2,034 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Novak will have already received $8,510 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about College of Lake County ?

Sign-up Next time we write about College of Lake County, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

College of Lake County

More News