Former state university employee Vasilas paid in $16K to pension fund, could collect $1.38M in retirement

By Local Labs News Service

Mar 1, 2016

Former state university employee Bruce Vasilas, who retired in February 2016, saved $15,682 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vasilas would collect as much as $1.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Vasilas received $29,107 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Vasilas will have already received $29,107 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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