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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Schick paid in $33K to pension fund, could collect $767K in retirement

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Former state university employee Marilyn Schick, who retired in April 2016, saved $32,674 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schick would collect as much as $767,399, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Schick received $16,130 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schick will have already received $32,744 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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