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Kane County Reporter

Tuesday, November 26, 2024

Former state university employee Bizik paid in $46K to pension fund, could collect $987K in retirement

Money759

Former state university employee Ella Bizik, who retired in July 2016, saved $45,960 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bizik would collect as much as $986,518, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Bizik received $20,735 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bizik will have already received $64,090 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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