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Carbondale Reporter

Monday, November 25, 2024

Former state university employee Kovach paid in $283K to pension fund, could collect $7.86M in retirement

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Former state university employee Regina Kovach, who retired in July 2016, saved $283,117 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kovach would collect as much as $7.86 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Kovach received $165,168 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kovach will have already received $335,291 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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