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Chambana Sun

Saturday, April 20, 2024

Former state university employee Maehr paid in $72K to pension fund, could collect $551K in retirement

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Former state university employee Michael Maehr, who retired in October 2018, saved $71,973 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Maehr would collect as much as $550,923, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Maehr received $11,580 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Maehr will have already received $74,905 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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