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North Cook News

Wednesday, April 17, 2024

Former state university employee Kostic paid in $98K to pension fund, could collect $3.05M in retirement

Money 03

Former state university employee Yvonne Kostic, who retired in August 2016, saved $97,992 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kostic would collect as much as $3.05 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Kostic received $64,118 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kostic will have already received $130,160 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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