Quantcast

DeKalb Times

Monday, November 25, 2024

Former state university employee Schumann paid in $114K to pension fund, could collect $1.95M in retirement

Money 06

Former state university employee Charles Schumann, who retired in January 2017, saved $113,723 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schumann would collect as much as $1.95 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Schumann received $41,021 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schumann will have already received $126,793 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS