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Chambana Sun

Friday, April 19, 2024

Former state university employee Schellenberg paid in $45K to pension fund, could collect $912K in retirement

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Former state university employee Timothy Schellenberg, who retired in March 2017, saved $45,344 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schellenberg would collect as much as $912,174, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Schellenberg received $19,173 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schellenberg will have already received $59,261 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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