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Sangamon Sun

Friday, November 8, 2024

Former state university employee Kremer paid in $116K to pension fund, could collect $2.06M in retirement

Money 02

Former state university employee Michael Kremer, who retired in May 2018, saved $115,610 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kremer would collect as much as $2.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Kremer received $43,404 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Kremer will have already received $134,157 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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