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North Cook News

Friday, November 22, 2024

Former state university employee Reschke paid in $36K to pension fund, could collect $718K in retirement

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Former state university employee David Reschke, who retired in February 2016, saved $35,604 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reschke would collect as much as $717,787, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Reschke received $15,087 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reschke will have already received $46,633 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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