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Chambana Sun

Saturday, November 23, 2024

Former state university employee Pflugmacher paid in $130K to pension fund, could collect $2.96M in retirement

Money 07

Former state university employee Michael Pflugmacher, who retired in April 2017, saved $129,806 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pflugmacher would collect as much as $2.96 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Pflugmacher received $62,282 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pflugmacher will have already received $192,507 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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