Chicago City Wire

Chicago City Wire

Thursday, November 21, 2019

Former state university employee Ziegler paid in $68K to pension fund, could collect $1.79M in retirement

Schools

By Local Labs News Service | May 27, 2019

Money 07

Former state university employee Bernard Ziegler, who retired in April 2019, saved $68,313 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ziegler would collect as much as $1.79 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Ziegler received $37,680 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Ziegler will have already received $76,490 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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