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Chambana Sun

Wednesday, April 24, 2024

Former state university employee Eichelberger paid in $45K to pension fund, could collect $743K in retirement

Money 01

Former state university employee Karen Eichelberger, who retired in June 2017, saved $45,375 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Eichelberger would collect as much as $743,010, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Eichelberger received $15,617 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Eichelberger will have already received $48,272 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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