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North Cook News

Friday, April 19, 2024

Former state university employee Tanyk paid in $10K to pension fund, could collect $173K in retirement

Money 02

Former state university employee George Tanyk, who retired in March 2017, saved $10,478 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tanyk would collect as much as $173,201, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Tanyk received $3,640 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tanyk will have already received $11,250 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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