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Sangamon Sun

Friday, April 19, 2024

Former state university employee Schimmel paid in $18K to pension fund, could collect $832K in retirement

Money041

Former state university employee Judith Schimmel, who retired in August 2017, saved $18,444 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schimmel would collect as much as $832,339, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Schimmel received $17,495 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schimmel will have already received $35,515 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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