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Sangamon Sun

Friday, April 19, 2024

Former state university employee Schatz paid in $4K to pension fund, could collect $165K in retirement

Money 05

Former state university employee Jeanne Schatz, who retired in March 2017, saved $3,572 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schatz would collect as much as $165,414, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Schatz received $3,476 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schatz will have already received $7,056 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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