Former state university employee Van Herzeele paid in $25K to pension fund, could collect $576K in retirement

By Rock Island Today Reports

Jul 1, 2016

Former state university employee Eileen Van Herzeele, who retired in June 2016, saved $24,893 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Van Herzeele would collect as much as $575,968, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Van Herzeele received $12,106 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Van Herzeele will have already received $37,418 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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