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Sangamon Sun

Thursday, November 7, 2024

Former state university employee Schmidt paid in $447 to pension fund, could collect $365K in retirement

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Former state university employee Catherine Schmidt, who retired in July 2018, saved $447 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schmidt would collect as much as $365,316, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Schmidt received $7,678 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Schmidt will have already received $7,678 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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