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Chambana Sun

Monday, November 25, 2024

Former state university employee Zollner paid in $24K to pension fund, could collect $998K in retirement

Money 02

Former state university employee Sheryl Zollner, who retired in October 2018, saved $23,532 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Zollner would collect as much as $998,489, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Zollner received $20,987 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Zollner will have already received $42,604 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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