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Former state university employee Von Gerichten paid in $37K to pension fund, could collect $707K in retirement

Schools

By Local Labs News Service | Aug 1, 2016

Money 06

Former state university employee Marlene Von Gerichten, who retired in July 2016, saved $36,758 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Von Gerichten would collect as much as $707,294, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Von Gerichten received $14,866 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Von Gerichten will have already received $45,949 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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