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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Frendreis paid in $20K to pension fund, could collect $352K in retirement

Money 08

Former state university employee Patrick Frendreis, who retired in June 2016, saved $19,904 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Frendreis would collect as much as $351,643, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Frendreis received $7,391 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Frendreis will have already received $22,845 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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