Former state university employee Schaefer paid in $25K to pension fund, could collect $475K in retirement

By Rock Island Today Reports

Feb 1, 2019

Former state university employee Dennis Schaefer, who retired in January 2019, saved $24,851 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schaefer would collect as much as $474,992, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Schaefer received $9,984 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Schaefer will have already received $30,861 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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