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Sangamon Sun

Friday, November 22, 2024

Former state university employee Schaaf paid in $14K to pension fund, could collect $942K in retirement

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Former state university employee Mary Schaaf, who retired in October 2016, saved $14,135 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schaaf would collect as much as $942,381, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Schaaf received $19,808 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Schaaf will have already received $19,808 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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