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Chambana Sun

Saturday, April 20, 2024

Former state university employee Schweighart paid in $151K to pension fund, could collect $3.03M in retirement

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Former state university employee Gary Schweighart, who retired in May 2018, saved $151,315 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schweighart would collect as much as $3.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Schweighart received $63,736 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schweighart will have already received $197,001 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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