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West Central Reporter

Friday, April 26, 2024

Former state university employee Vyhnanek paid in $53K to pension fund, could collect $961K in retirement

Money272

Former state university employee Edward Vyhnanek, who retired in July 2017, saved $52,690 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vyhnanek would collect as much as $961,489, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Vyhnanek received $20,209 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Vyhnanek will have already received $62,463 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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