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


By Local Labs News Service | Jan 1, 2018

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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.

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