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Chambana Sun

Friday, April 19, 2024

Former state university employee Czapar paid in $117K to pension fund, could collect $2.25M in retirement

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Former state university employee George Czapar, who retired in March 2018, saved $117,382 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Czapar would collect as much as $2.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Czapar received $47,278 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Czapar will have already received $146,131 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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