Former state university employee Goldacker paid in $145K to pension fund, could collect $3.26M in retirement

By East Central Reporter Reports

Jul 1, 2016

Former state university employee Frank Goldacker, who retired in June 2016, saved $145,121 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Goldacker would collect as much as $3.26 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Goldacker received $68,458 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Goldacker will have already received $211,597 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Eastern Illinois University

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