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DeKalb Times

Tuesday, November 26, 2024

Former state university employee Schuchat paid in $26K to pension fund, could collect $493K in retirement

Money 03

Former state university employee Charles Schuchat, who retired in September 2016, saved $26,053 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schuchat would collect as much as $493,393, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Schuchat received $10,370 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schuchat will have already received $32,052 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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