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Sangamon Sun

Friday, April 18, 2025

Former state university employee Freese paid in $14K to pension fund, could collect $259K in retirement

Money 08

Former state university employee George Freese, who retired in June 2017, saved $14,065 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Freese would collect as much as $258,836, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Freese received $5,440 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Freese will have already received $16,814 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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