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DeKalb Times

Saturday, November 16, 2024

Former state university employee Schroeder paid in $90K to pension fund, could collect $2M in retirement

Money 07

Former state university employee Susan Schroeder, who retired in July 2018, saved $89,795 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schroeder would collect as much as $2 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Schroeder received $42,047 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schroeder will have already received $129,962 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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