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Sangamon Sun

Monday, November 25, 2024

Former state university employee Achenbach paid in $265K to pension fund, could collect $7.19M in retirement

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Former state university employee Laurie Achenbach, who retired in July 2017, saved $264,747 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Achenbach would collect as much as $7.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Achenbach received $151,024 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Achenbach will have already received $306,579 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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