West Central Reporter

West Central Reporter

Monday, November 18, 2019

Former state university employee Vakil paid in $155K to pension fund, could collect $4.03M in retirement

Schools

By Local Labs News Service | Feb 1, 2016

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Former state university employee Nader Vakil, who retired in January 2016, saved $154,916 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vakil would collect as much as $4.03 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Vakil received $84,692 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Vakil will have already received $171,925 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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