Former state university employee Schultz paid in $27K to pension fund, could collect $929K in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Charlene Schultz, who retired in January 2016, saved $26,731 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schultz would collect as much as $929,393, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Schultz received $19,535 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schultz will have already received $39,656 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

Lewis And Clark Community College

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate