Sangamon Sun

Sangamon Sun

Thursday, December 5, 2019

Former state university employee Schutz paid in $45K to pension fund, could collect $731K in retirement


By Local Labs News Service | Apr 1, 2016

Money 04

Former state university employee Roxann Schutz, who retired in March 2016, saved $44,548 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schutz would collect as much as $730,707, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Schutz received $15,358 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schutz will have already received $47,471 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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