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North Cook News

Friday, April 26, 2024

Former state university employee Strahm paid in $29K to pension fund, could collect $584K in retirement

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Former state university employee Norman Strahm, who retired in June 2017, saved $29,155 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Strahm would collect as much as $583,864, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Strahm received $12,272 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Strahm will have already received $37,931 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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