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Peoria Standard

Friday, April 26, 2024

Former state university employee Ostrowski paid in $49K to pension fund, could collect $927K in retirement

Money 03

Former state university employee Brenda Ostrowski, who retired in February 2019, saved $48,793 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ostrowski would collect as much as $926,578, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Ostrowski received $19,476 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ostrowski will have already received $60,198 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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