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Chambana Sun

Saturday, November 23, 2024

Former state university employee Geisler paid in $12K to pension fund, could collect $190K in retirement

Money 03

Former state university employee Nickola Geisler, who retired in November 2017, saved $11,681 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Geisler would collect as much as $189,540, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Geisler received $3,984 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Geisler will have already received $12,315 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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