Dupage Policy Journal

Dupage Policy Journal

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Former state university employee Snisko paid in $64K to pension fund, could collect $1.04M in retirement

Schools

By Local Labs News Service | Oct 1, 2016

Money 03

Former state university employee Ray Snisko, who retired in September 2016, saved $64,262 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Snisko would collect as much as $1.04 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Snisko received $21,934 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Snisko will have already received $67,796 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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