Former state university employee Schaefer paid in $117K to pension fund, could collect $3.02M in retirement

By Local Labs News Service

Jul 1, 2016

Former state university employee Marlynna Schaefer, who retired in June 2016, saved $116,590 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schaefer would collect as much as $3.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Schaefer received $63,534 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schaefer will have already received $128,974 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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